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Historical Art is a new business. During its first year of operations, credit sales were $ 6 0 , 0 0 0 and collections on

Historical Art is a new business. During its first year of operations, credit sales were $60,000 and collections on credit sales were $30,000. One account of $525 was written off. Management uses the percentofsales method to account for bad debts expense and estimates 2% of credit sales to be uncollectible. The ending balance of the Allowance for Bad Debts account is________.

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