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Question - Alpha Company uses the direct write-off method of recording uncollectible accounts. On August 15, 2016, Yankee Zulu filed for bankruptcy and informed Alpha that he would be unable to pay $550 owed to Alpha. Alpha is certain that it will be unable to collect the $550. Use this information to make the General Journal entry (without explanation) for August 15. If no entry is required then write "No Entry Required."
1. after the accounts are adjusted and closed at the end of the fiscal year accounts receivable has a balance of 340000
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