Journalize the adjusting entry for uncollectible accounts

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Reference no: EM131067055

1. On December 31, journalize the write-offs for 2016 under the allowance method. Also, journalize the adjusting entry for uncollectible accounts. The company recorded $5,248,000 of credit sales during 2016. Based on past history and industry averages, 0.70% of credit sales are expected to be uncollectible. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles.

Reference no: EM131067055

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