Nicoles Neckties has total credit sales for the year of $380,000 and estimates that 2% of its
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Nicole’s Neckties has total credit sales for the year of $380,000 and estimates that 2% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated uncollectible accounts. Assume the following independent conditions existed prior to the adjustment:
1. Allowance for Bad Debts has a credit balance of $430.
2. Allowance for Bad Debts has a debit balance of $295.
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