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At December 31, 2023, the Accounts Receivable balance of Foley Distribution Service is $334,000. The Allowance for Doubtful Accounts has a(n) $9,500 credit balance. Accountants
At December 31, 2023, the Accounts Receivable balance of Foley Distribution Service is $334,000. The Allowance for Doubtful Accounts has a(n) $9,500 credit balance. Accountants for Foley Distribution Service prepare the following aging schedule for its accounts receivable: i. (Click the icon to view the aging schedule.) Required 1. Journalize the adjusting entry for doubtful accounts based on the aging schedule. Show the T-account for the allowance at December 31, 2023. 2. Show how Foley Distribution Service will report Accounts Receivable on its December 31, 2023, balance sheet. 3. Suppose all the facts of this situation are the same except that Allowance for Doubtful Accounts has a $1,100 debit balance. Calculate the amount of the adjusting entry. Aging Schedule
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