The minimum wage in 2008 was $6.55 cents until july 2008 when it was raised to $7.25. if the minimum wage in june was below the equilibrium wage and the increased wage in july was above the equilibrium wage, then the deadweight loss was greater in june than in july. firms' producer surplus was greater in june than in july. employment of low-skilled workers increased in july. unemployment was unaffected by the increase.

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.