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Shore Co. provides for doubtful accounts based on 4% of gross accounts receivable, which had a balance of $1,500,00 at the year-end. The following data are available for 2019.
Credit sales during 2019 $4,400,000Allowance for doubtful accounts 1/1/19 17,000Collection of accounts written off in prior years 8,000(customer credit was reestablished)Customer accounts written off as uncollectible during 2019 30,000
Problem 1: What is the balance of allowance for doubtful account at December 31,2019?
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