Illustrate the effect on the accounts

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Question - Natural Hair Company reported credit sales of 5,000,000 during 2007. Assume that instead of using the analysis of receivables method of estimating uncollectible accounts. Wigs Plus company uses the percent of sales method and estimates that 1.25% of sales will be uncollectible. Illustrate the effect on the accounts and financial statements of the adjustment for uncollectible accounts using the percent of sales method.

Reference no: EM132623967

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