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During the first year of operation, 2014, Ferrells Appliance recognized $382,000 of service revenue on account. At the end of 2014, the accounts receivable balance

During the first year of operation, 2014, Ferrells Appliance recognized $382,000 of service revenue on account. At the end of 2014, the accounts receivable balance was $75,092. Even though this is his first year in business, the owner believes he will collect all but about 7 percent of the ending balance

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