Strickman Company uses the allowance method for estimating uncollectible accounts. Prepare journal entries to record the following transactions: 
Definitions:
Labor-Abundant
Describes an economy or sector that has a relatively high supply of labor compared to capital.
Land-Scarce
A situation where the availability of usable land is limited, often leading to higher property values and intensified use of land.
Wages
Payments made to workers for their services, usually calculated on an hourly, daily, or piecework basis.
Rents
Payments made for the use of property or land, often reflecting the value derived from its use.
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