Jim and Evan enter into a real estate contract. The contract allows Evan to get a mortgage at 5% interest. But after due diligence, Evan can only get a mortgage at 8% interest. What will happen to the real estate contract

Acompany has $80,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. experience suggests that 6% of outstanding receivables are uncollectible. the current credit balance (before adjustments) in the allowance for doubtful accounts is $1,200. the journal entry to record the adjustment to the allowance account includes a debit to bad debts expense for $4,800. true or false