Let us assume that ABC Corporation is showing the following balances (before adjustment) as of December 31,
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Question:
Let us assume that ABC Corporation is showing the following balances (before adjustment) as of December 31, 2020:
Accounts Receivable - General$ 350,000
Accounts Receivable - Assigned$70,000
Allowance for Doubtful Accounts$1,400 debit balance
Based on past experience, ABC estimates that 4% of total accounts receivable (general + assigned) will prove to be uncollectible.
Determine the Ending Balance (after adjustment) in the Allowance for Doubtful Accounts at December 31, 2020:
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