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During the year ended December 31, 2021, Kellys Camera Shop had sales revenue of $120,000, of which $60,000 was on credit. At the start of
During the year ended December 31, 2021, Kellys Camera Shop had sales revenue of $120,000, of which $60,000 was on credit. At the start of 2021, Accounts Receivable showed a $12,000 debit balance and the Allowance for Doubtful Accounts showed a $500 credit balance. Collections of accounts receivable during 2021 amounted to $58,000. Data during 2021 follow: On December 10, a customer balance of $1,000 from a prior year was determined to be uncollectible, so it
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