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What amount is credited to allowance

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Question - Suppose Fine Chocolates Co. estimates bad debt under the percentage of sales method. Before adjusting entries at year end, the following accounts had these normal balances:

Accounts Receivable: $4,000

Allowance for Uncollectible Accounts: $500

Sales Revenue: $34,000

Management estimates uncollectible accounts to be 1% of sales. What amount is credited to Allowance for Uncollectible Accounts to adjust for bad debt?

Reference no: EM133161971

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