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Use the information provided below to answer the following question (same for set of 5 questions). Nash began April with accounts receivable of $49,000 and
Use the information provided below to answer the following question (same for set of 5 questions). Nash began April with accounts receivable of $49,000 and a credit balance in Allowance for Uncollectible Accounts of $1,000. They made $500,000 in credit sales (sales on account) during April. Collections from customers totaled $493.000. One customer, Frank Jones, could not pay his $1, 200 account receivable. On April 7, he negotiated to exchange his past-due account for a $1, 200, 4%, 90-day note receivable. Historically, 1% of credit sales have proved uncollectible. During April, $375 of old accounts receivable were written off as uncollectible. Moore, Inc. had accounts receivable of $25,000 and an allowance for uncollectible accounts of $1, 700 (credit) just before writing off as worthless an account receivable from Stuart Company of $150. The net realizable values of the accounts receivable before and after the write-off were: $25,000 before and $24, 850 after $23, 300 before and $23, 150 after $26, 700 before and $26, 850 after $23, 300 before and $23, 300 after
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