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7.28 Brown Company uses the following categories and probabilities to age its receivables: Age Balance Probability of Default 1-120 days $70,000 2% Over 120 days

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7.28 Brown Company uses the following categories and probabilities to age its receivables: Age Balance Probability of Default 1-120 days $70,000 2% Over 120 days 30,000 6% (a) Determine estimated bad debts. (b) Prepare the necessary entry. Assume that the allowance account has a credit balance of $2,600. DI

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