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Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
George B. McClellan
Credit Sales
Sales made by a business on credit, where payment is collected at a later date.
Bad Debt Expense
The estimated amount of receivables that a company does not expect to collect.
Uncollectible Account Receivable
A receivable that is considered unlikely to be collected, representing a loss to the company.
Operating Income
Income generated from normal business operations, calculated as gross income minus operating expenses.
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