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 an $8,000 credit on January 1 of the current year, determine the balance of the allowance for doubtful accounts at December 31 of the current year. Assume that the transactions above are the only transactions affecting the allowance for doubtful accounts during the year.
Definitions:
Achievements
Significant accomplishments or successes achieved through hard work or effort.
Hidden Job Market
Employment opportunities that are not publicly advertised or are filled through networking, word of mouth, or internal company hiring.
Prospecting Letters
Written communications designed to introduce oneself to potential employers or clients, with the aim of securing employment or business opportunities.
Online Advertisements
Digital marketing messages displayed on the internet to promote products, services, or brands.
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