Essay
Geary,Inc.had the following sales during 2016:
Geary also had the following beginning and ending balances in the receivables accounts:
Geary,who uses the allowance method of accounting for uncollectible accounts,estimated that 3% of the credit sales will go uncollected.The credit card company charges Geary a 4% service charge.
Required: a)Prepare Geary's year-end adjusting journal entry for uncollectible accounts expense.
b)Prepare the entry to record the credit card sales.
c)What is Geary's cash flow from customers for the year?
Correct Answer:
Verified
Correct Answer:
Verified
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