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Business, 02.04.2021 17:40 zavadskipaulo1oyt4og

Historical Art is a new business. During its first year of operations, credit sales were $50,000 and collections from credit sales were $34,000. One account for $500 was written off. Management uses the percent-of-sales method to account for bad debts expense and estimates 3% of credit sales to be uncollectible. What is the balance of accounts receivable at the end of the first year?

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Historical Art is a new business. During its first year of operations, credit sales were $50,000 and...
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