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QUESTION
At the end of the year, Mercy Cosmetics' balance of Allowance for Uncollectible Accounts is $600 ( credit ) before adjustment. The balance of...
At the end of the year, Mercy Cosmetics' balance of Allowance for Uncollectible Accounts is $600 (credit) before adjustment. The balance of Accounts Receivable is $25,000. The company estimates that 12% of accounts will not be collected over the next year.
What adjustment would Mercy Cosmetics record for Allowance for Uncollectible Accounts?
