The Links Company uses the percent of sales method of accounting for uncollectible accounts receivable.During the current year,the following transactions occurred:
1.Prepare the general journal entries to record these transactions.
2.If the balance of the allowance for uncollectible accounts was a $4,000 credit on January 1 of the current year,determine the balance of the allowance for uncollectible accounts at December 31 of the current year.Assume that the transactions above are the only transactions affecting the allowance for uncollectible accounts during the year.
Definitions:
Self-Disclosure
The process of revealing personal information about oneself to others, which can build trust and deepen relationships.
Esteem Support
Emotional support aimed at bolstering an individual's self-esteem and confidence.
Self-Disclosure
The act of sharing one's personal thoughts, feelings, or experiences with others, which can deepen relationships and foster closer bonds.
Gross Profit
The profit a company makes after deducting the costs associated with making and selling its products, or the costs associated with providing its services.
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