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Gross Accounts Receivable is $15,000. Allowance for Doubtful Accounts has a credit balance of $300. Net credit sales for the year are $140,000. In the
Gross Accounts Receivable is $15,000. Allowance for Doubtful Accounts has a credit balance of $300. Net credit sales for the year are $140,000. In the past, 1% of credit sales had proved uncollectible. What would be the adjusted balance of the Allowance account under the income statement approach?
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