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Posted: September 11th, 2024
Colorado Mountain ACCOUNTING 1 A company has net sales of $50,000 during the year
A company has net sales of $50,000 during the year. At year end (before an adjustment is made), Allowance for Uncollectible Accounts has a credit balance of $2,500. If the company estimates that 3 percent of net sales are uncollectible, what is the balance in the allowance account after the year-end adjustment has been made using the percentage of net sales method?$1,500 debit balance$1,500 credit balance$4,000 credit balance$1,000 debit balance
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