Estimating Uncollectibles RRT Ltd. uses the allowance method to account for uncollectibles. On December 31,...
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Estimating Uncollectibles RRT Ltd. uses the allowance method to account for uncollectibles. On December 31, it had the following items in its unadjusted trial balance: *Note - when entering the \\( \\$ \\) amount, DO NOT use \"\\$\" signs or commas. For example, enter \\( \\$ 1,000 \\) as 1000 or \\( \\$ 300 \\) as 300 . IF there are decimal places, round to the nearest cent or two decimal places (hundredths) BUT only if there are decimal places, otherwise round to the nearest dollar. This will simplify things. Prepare the adjusting journal entry to record the estimate of bad debts assuming the company estimates bad debts to be \10 of the accounts receivable
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Estimating Uncollectibles RRT Ltd. uses the allowance method to account for uncollectibles. On December 31, it had the following items in its unadjusted trial balance: *Note - when entering the \\( \\$ \\) amount, DO NOT use \"\\$\" signs or commas. For example, enter \\( \\$ 1,000 \\) as 1000 or \\( \\$ 300 \\) as 300 . IF there are decimal places, round to the nearest cent or two decimal places (hundredths) BUT only if there are decimal places, otherwise round to the nearest dollar. This will simplify things. Prepare the adjusting journal entry to record the estimate of bad debts assuming the company estimates bad debts to be \10 of the accounts receivable 