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In a Simplified Circular Flow Model with No Government, in Equilibrium

question 187

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In a simplified circular flow model with no government, in equilibrium, S = I + (X − IM).

Calculate and record transactions related to notes receivable, including interest calculations and dishonored notes.
Understand and apply the percent of sales method for estimating bad debts.
Record entries related to credit card sales and the impact of service charges on these transactions.
Describe the methods used to convert receivables to cash before maturity and discuss their accounting implications.

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