On July 31, the accountant for Team Shirts was reviewing items related to accounts receivable. The following information was gathered for July: a. The beginning balance in the Allowance for uncollectible accounts was a credit balance of $600. b. An account receivable owed by a customer in England for $250 U.S. dollars was determined to be uncollectible. c. Credit sales for July were $12,000. The accountant for Team Shirts estimated that 4% of the sales would eventually be uncollectible. What is the amount of bad debts expense for July? What will be the ending balance in the Allowance for uncollectible accounts?

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.