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alex41 [277]
3 years ago
10

A company has​ $321,000 in credit sales. the company uses the allowance method to account for uncollectible accounts. the allowa

nce for doubtful accounts now has an​ $8,150 debit balance. if the company estimates​ 5% of credit sales will be​ uncollectible, what will be the amount of the journal entry to record estimated uncollectible​ accounts?
Business
1 answer:
Mkey [24]3 years ago
6 0
321,000×0.05=16,050

Adjusted balance
16,050+8,150=24200

Journal entry
Bad debt expenses (Dr 16050)
Allowance for doubtful accounts (Cr 16050)
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adding up consumption, investment, government expenses, and net exports

adding up the market prices of final goods and services produced in the U.S

adding up the incomes of producers and taxes paid to the government

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this problem can be solved applying the concept of annuity, keep in mind that an annuity is a formula which allows you to calculate the future value of future payments affected by an interest rate.by definition the future value of an annuity is given by:

s_{n} =P*\frac{(1+i)^{n}-1 }{i}

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