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Compute the balance of the allowance for doubtful accounts

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Problem - Compute the balance of the allowance for doubtful accounts on December 31. Given:

Credit sales during the year 3,450,000

Collection of accounts written off in prior periods 165,000

Worthless accounts written off during the year 189,000

Allowance for doubtful accounts, January 1 145,000

The company provides for doubtful accounts based on 1.5% of credit sales.

Reference no: EM133031749

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