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At the end of 2026, Safer Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $25,000. On January 24, 2027, it
At the end of 2026, Safer Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $25,000. On January 24, 2027, it is learned that the companys receivable from Madonna Inc. is not collectible and therefore management authorizes a write-off of $4,300. On March 4, 2027, Safer Co. receives payment of $4,300 in full from Madonna Inc. Prepare entry using percentage-of-receivables method. Date Account DR CR
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