The Connecting 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 $8,000 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:
Network Adapter
A network adapter is hardware within a computer that enables it to communicate over a network, either wired or wirelessly.
Operating System
Software that, after being initially loaded into the computer by a boot program, manages all the other programs in a computer.
Network Services
Various services provided over a network, such as data storage, communication, resource sharing, and data management.
Logging On
The process of gaining access to a computer system or service by entering credentials, typically a username and password.
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