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WALTON 7.4B Walton Co. began operations on January 1, 2021, and completed several transactions during 2021 and 2020 that involved sales on credit,
\ WALTON 7.4B Walton Co. began operations on January 1, 2021, and completed several transactions during 2021 and 2020 that involved sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. 2021 1. Sold $685,350 of merchandise (that had cost $500,000) on credit, terms n/30. 2. Received $482,300 cash in payment of accounts receivable. 3. Wrote off $9,350 of uncollectible accounts receivable.
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