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PLEASE PROVIDE A CORRECT, ACCURATE, MEANINGFUL, HELPFUL, COMPLETE AND DETAILED ANSWER Irrecoverable debts are $5,000. Trade accounts receivable at the year end are $120,000. If

PLEASE PROVIDE A CORRECT, ACCURATE, MEANINGFUL, HELPFUL, COMPLETE AND DETAILED ANSWER

Irrecoverable debts are $5,000. Trade accounts receivable at the year end are $120,000. If an allowance for receivables of 5% is required, what is the entry for irrecoverable debts and allowance for receivables in the income statement?

A $5,000

B $11,000

C $6,000

D $10,750

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