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Use Tables 12-1 and 12-2 from your text to answer the following problems. (Round dollars to the nearest cent)
-Refer to Narrative in your text 12-1. Find the interest earned on an account if a deposit of $800 is made at the BEGINNING of every quarter, for 4 years if the bank pays 8% interest, compounded quarterly.
Uncollectible Account
A receivable that a company has given up on collecting due to the debtor's inability to pay, also known as a bad debt.
Credit Balance
A situation in a financial account where the amount of money deposited exceeds the money withdrawn, or in accounting, when credits exceed debits in an account.
Credit Sales
Transactions in which goods or services are provided to a customer with an agreement to pay later.
Bad Debt Expense
An expense account reflecting the cost of accounts receivable that a company does not expect to collect and has written off.
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