Uncollectibles for Ed Co.
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The following accounts were abstracted from Ed Co.'s unadjusted trial balance at December 31, 2007:
Debit Credit
Accounts receivable $700,000
Allowance for uncollectible accounts 8,000
Net credit sales $3,000,000
Ed's estimates that 2% of the gross accounts receivable will become uncollectible. After adjustment at December 31, 2007, the allowance for uncollectible accounts should have a credit balance of?
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This solution is comprised of a detailed explanation to answer the allowance for uncollectible accounts of Ed Co. at the end of December 31, 2007.
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The following accounts were abstracted from Ed Co.'s unadjusted trial balance at December 31, 2007:
Debit Credit
Accounts receivable $700,000 ...
Purchase this Solution
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