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13: On March 10, Basics, Inc. sold $25,000 of merchandise to Jacobs, on account. Basics could not collect cash from Jacobs and wrote off the

13: On March 10, Basics, Inc. sold $25,000 of merchandise to Jacobs, on account. Basics could not collect cash from Jacobs and wrote off the account. What is the journal entry to record the write-off, assuming Basic uses the allowance method? a) Accounts Receivable- Jacobs Allowance for Bad Debts 25,000 25,000

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