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1. Newton Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Newton Company wrote off the $3,000 uncollectible account of
1. Newton Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Newton Company wrote off the $3,000 uncollectible account of its customer, P. Best. On July 10, Newton received a check for the full amount of $3,000 from Best. On July 10, the entry or entries Newton makes to record the recovery of the bad debt is: A 3,000 Accounts receivable-P Best Allowance for Doubtful Accounts 3.000 Cash 3,000 Accounts Receivable-P Best 3,000 . 3,000 3,000 Cash Bad Debts Expense Accounts receivable-P Best Bad Debts Expense C. 3,000 3,000 Cash 3,000 Accounts Receivable-P Best 3,000 D Focus c D Allowance for Doubtful Accounts Accounts Receivable-P Best 3,000 3,000 Accounts Receivable-P Best Cash 3,000 3,000 E Cash 3,000 Accounts Receivable-P. Best 3,000
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