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Compassion Hospital uses the allowance method to account for its uncollectible accounts. It has the following balances on December 31 before any adjusting entries: Accounts
Compassion Hospital uses the allowance method to account for its uncollectible accounts. It has the following balances on December 31 before any adjusting entries: Accounts Receivable = $110,000 Allowance for Uncollectible Accounts = $6,000 (credit) The hospital estimates uncollectible accounts to be 30% of accounts receivable. After the year-end adjustment is made, how much is net Accounts Receivable? Multiple Choice $104,000 $77,000 $110,000
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