At the End of the Year,a Company Has a Balance

question 133

Essay

At the end of the year,a company has a balance in Allowance for Uncollectible Accounts of $200 (credit)before any year-end adjustment.The balance of Accounts Receivable is $15,000.The company estimates that 10% of accounts receivable will not be collected over the next year.Record the adjustment for uncollectible accounts.

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Definitions:

Normal Distribution

A symmetric, bell-shaped distribution of data where most of the observations cluster around the central peak and the probabilities for values further away from the mean taper off equally in both directions.

Symmetric

Describes an object or figure that is identical on both sides of a central dividing line.

Probability Density Function

A function that outlines the likelihood of finding a random variable within a particular range of values.

Uniform Distribution

is a type of probability distribution where every outcome in a certain range is equally likely to occur.