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C&N Ltd, is a manufacturer that makes all sales on a 30-days credit terms. Annual sales are approximately $25 million. At the end of 2016 accounts receivable were presented in the company's Balance Sheet as below:
Accounts Receivable $2,350,000
Less: Allowance for Doubtful accounts $70,000
Question:
Question 1: Prepare one journal entry to summarize all accounts written off against the allowance for doubtful accounts in 2017.
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