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Which of the following statements is false? 1. An aging schedule includes only overdue accounts 2. Collection efforts may involve legal action 3. If sales

Which of the following statements is false? 1. An aging schedule includes only overdue accounts 2. Collection efforts may involve legal action 3. If sales are seasonal the percentages shown on an aging schedule will vary during the year 4. Investments in accounts receivable equal average daily sales times average collection period 5. Aging schedules are used to monitor accounts receivable

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