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The Miller Company recognized $99,000 of service revenue earned on account during Year 2. There was no beginning balance in the accounts receivable and allowance
The Miller Company recognized $99,000 of service revenue earned on account during Year 2. There was no beginning balance in the accounts receivable and allowance accounts. During Year 2, Miller collected $70,000 of cash from accounts receivable. The company estimates that it will be unable to collect 3% of its sales on account. The amount of uncollectible accounts expense recognized on the Year 2 income statement was:
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