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Rashid [163]
2 years ago
11

A liquid asset is one that is easy to cash in.

Business
2 answers:
Yuliya22 [10]2 years ago
5 0
Cash on hand is the most liquid asset. Money in a savings account is a popular liquid asset and is very easy to withdraw and more liquid than a loan to a business.
kipiarov [429]2 years ago
3 0
Cash on hand is considered the most liquid type of liquid asset since it is cash itself.
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Answer: $7,740

Explanation:

Given, At December 31, Accounts receivable = $238,000

Allowance for uncollectible accounts = 3% of (accounts receivable)

∴ Allowance for uncollectible accounts = 3% of ($238,000 )

=$(0.03 ×238,000)                [3% = 0.03]

= $ (7140)

= $7,140

Allowance for uncollectible accounts (credit) before any adjustments= $600

The amount of the adjustment for uncollectible accounts = Allowance for uncollectible accounts +  $600

= $7,140 +  $600

= $7,740

Hence, The amount of the adjustment for uncollectible accounts would be: <u>$7,740.</u>

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