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On December 31, 2010, Jarnigan Co. estimated that 2% of its net sales of $400,000 will become uncollectible. The company recorded this amount as an addition to Allowance for Doubtful Accounts.On May 11,2011,Jarnigan Co. determined that Terry Frye's account was uncollectible and wrote off $1,100. On June 12,2011,Frye paid the amount previously written off.
Instructions
Question 1: Prepare the journal entries on December 31,2010, May 11,2011, and June 12,2011.
The present value of the annual cost savings of $132,000 is closest to: (Round discount factor(s) to 3 decimal places and final answer to the nearest dollar amount.)
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