Equilibrium price of a good or service is determined by trial and error and exists when: research shows what the market will tolerate.
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the amount supplied is equal to the amount demanded.
businesses total their costs and markup.
businesses compute the average selling price in the area.

Record the journal entry for the provision for uncollectible accounts under each of the following independent assumptions: a. the allowance for doubtful accounts before adjustment has a credit balance of $500. b. the allowance for doubtful accounts before adjustment has a debit balance of $250. c. assume that octoberʼs credit sales were $70,000. uncollectible accounts expense is estimated at 2% of sales. smith, gaylord n.. excel applications for accounting principles (p. 51). cengage textbook. kindle edition.