Prepare general journal entries for the following transactions of Viking Company,assuming they use the allowance method to account for uncollectible accounts.
Definitions:
Corporate Scandals
Events or activities within a corporation that involve illegal, unethical, or questionable conduct by the company or its employees.
Enron
An American energy company that became infamous for its bankruptcy and the massive accounting fraud that led to it, symbolizing corporate fraud and corruption.
WorldCom
An American telecommunications company that was involved in one of the largest accounting fraud scandals in history, leading to its bankruptcy in 2002.
Buys Time
A phrase meaning to delay an event or decision in order to gain more time to make a better decision or prepare.
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