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Assume ID cannot estimate uncollectible accounts accurately and recognizes revenue using the installment method.
Required: Prepare journal entries to record the sale, cash collections, and recognition of gross profit (if appropriate) in 2008 and 2009.
Self-Serving Bias
The common tendency to attribute successes to personal characteristics and failures to external factors.
Exaggerated Feelings
Intense emotional responses that are disproportionate to the situation at hand.
Self-Importance
A heightened focus on oneself, often characterized by an overrated view of one's abilities, needs, or uniqueness.
Narcissism
A psychological condition characterized by an inflated sense of self-importance, a deep need for excessive attention and admiration, and a lack of empathy for others.
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