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Are gains recorded on exchanges of long term assets

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Reference no: EM132499740

Question 1: Gains are recorded on exchanges of long term assets. True or False

Question 2: An aging schedule shows a required balance in Allowance for Doubtful Accounts of $9,500. If there is a credit balance in the allowance account of $3,500 prior to adjustment, the adjustment amount is $6,000. True or False

Reference no: EM132499740

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