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Question - StorageTek Corporation gathered the following information from its accounting records for the year ended December, 31, 2016, prior to adjustment:
Required:
1. Prepare the adjusting entry on December 31, 2016.
2. Determine the balance in the Allowance for Uncollectible Accounts account after the adjusting entry is recorded.
3. Show how the receivables would be reported on the December 31, 2016, Balance Sheet for Storage Tek Corporation.
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