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Problem 1: A company's preliminary trial balance reflects an accounts receivable balance of $100,000 and a credit balance in the Allowance for Doubtful Accounts of $500. Per review of the Aged Receivables listing, 50% of the accounts receivable are current and 50% are over-due. Management estimates that 3% of the current accounts and 5% of the over-due accounts will be uncollectible. The adjusting journal entry to update the Allowance for Doubtful accounts is for
a. $2,900
b. $3,400
c. $3,200
d. $4,000
e. $3,500
Required: Provide the journal entry for Fisher's contribution to the partnership. If an amount box does not require an entry, leave it blank
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