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Willis Company had $200,000 in credit sales for 2016, and it estimated that 2% of the credit sales would not be collected. The balance in
Willis Company had $200,000 in credit sales for 2016, and it estimated that 2% of the credit sales would not be collected. The balance in Accounts Receivable at the end of the year was $38,000. Willis had never used the allowance method to account for its receivables till 2016. The net realizable value of its accounts receivable at the end of the year was $34,000. True False
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