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The following selected information is from Company A's Year 2 and Year 3 financial statements: January 1, Year 2, accounts receivable $20,000 Credit loss expense
The following selected information is from Company A's Year 2 and Year 3 financial statements: January 1, Year 2, accounts receivable $20,000 Credit loss expense recognized in Year 2 1,480 Accounts receivable written off in Year 2 1,000 January 1, Year 2, allowance for credit losses 800 Credit sales in Year 2 95,000 Accounts receivable written off in Year 3 2,000 Credit sales in Year 3 100,000 Cash collected from customers in Year 3 85,000 The company estimates that 4% of its gross accounts receivable will become uncollectible. During Years 2 and 3, no accounts previously written off were collected. Complete Company A's balance sheet using the information above. Enter the appropriate amounts in the designated cells below. Enter all amounts as positive valu
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