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On December 31, 2014, the Landon Corporation estimated that 3% of its credit sales of $215,000 would be uncollectible. Landon used the allowance method of
On December 31, 2014, the Landon Corporation estimated that 3% of its credit sales of $215,000 would be uncollectible. Landon used the allowance method of accounting for uncollectible accounts. On February 15, 2015, Landon wrote off the account of one of its customers, in the amount of $2,500. On April 7, 2015, the customer paid the account in full.
A. Option A
B. Option B
C. Option C
D. Option D
Net nc. Cash Flow Assets | = | Lab. | + | Equity | Rev (6,450)6,450+ 6,450- 6,450 | = | NA | + | 6,450 | NA (6,450) NA A) B) C) D) NA = | (6,450)| +| NA | NA NA NA NA NA 6,450)OA NA (6,450)- =| 6,450 6,450 FA NA NA+(6,450) NA 6,450 | = | (6,450)Step by Step Solution
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