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At the beginning of the current period, Dynatech Enterprises Ltd. had balances in Accounts Receivable of $2,107,000 and in Allowance for Doubtful Accounts of $146,000 (credit). During the period, Dynatech had credit sales of $4,312,000 with cost of goods sold of $3,114,000 and collections of $5,220,000. It wrote off $179,000 of accounts receivable. However, a $26,000 account written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $90,000 at the end of the period.
Problem 1: Prepare the entries to record sales and collections during the period.
Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest. How much control does the Fed have over this longer real rate?
Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.
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