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Allen Company began the year with a $28,000 balance in its accounts receivable account. At the end of the period, this balance had increased to
Allen Company began the year with a $28,000 balance in its accounts receivable account. At the end of the period, this balance had increased to $30,000. During the period, Allen Company wrote off one customers account in the amount of $5,000. Sales during the year were $400,000 and sales discounts were $4,000. Assuming these are the only activities affecting this account during the year, what was the total cash collected from customers? Using a T-account may help.
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