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On december 31, 2014, Extreme Fitness has adjusted balance of $930, 000 in Accounts receivable and $81,000 in Allowance for doubtful accounts. On January 2,
On december 31, 2014, Extreme Fitness has adjusted balance of $930, 000 in Accounts receivable and $81,000 in Allowance for doubtful accounts. On January 2, 2015, the company teams that certain customer accounts are not collectable, so management authorizes a write-off of these accounts totaling 423,000 What amount would the company report as its net accounts receivable on December 31, 2014? Prepare the journal entry write off the accounts on January 2, 2015.(If no entry is required for a transaction/event, select 'No journal required" in the first account field.)
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