![]() Shipway Company recorded $3,778,000 of credit sales during 2014. Based on past history and industry averages, 3/4% of credit sales are expected to be uncollectible. MGM Resorts owns 19 casino properties, along with golf courses, sports arenas (42.5 of T-Mobile Arena), and a small air fleet. Shipway Company uses the percent of credit sales method of estimating uncollectible accounts expense. MGM Resorts International owns and operates hotels and casinos including the MGM Grand and the Bellagio in Las Vegas, Nevada. Journalize the transactions for 2014 under the allowance method. The following table lists the 3-month rates of return, in percent, for samples of healthcare-related and technology-related mutual funds, as reported by Morningstar, an independent investment research company.\ A mutual fund is a professionally managed investment that can be sold to the general public.
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