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Point 1: At the beginning of the current period, Newman Corporation had balances in Accounts Receivable of $201,100 and in Allowance for Doubtful Accounts of $9,900 (credit). During the period, Newman had credit sales of $805,800 and collections on account of $769,300.
Point 2: Newman uses a perpetual inventory system and determined that the cost of goods sold during the period was $669,500. Newman wrote off as uncollectible accounts receivable of $7,500. However, a $2,800 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $25,400 at the end of the period.
Question 1: The entry to record collections (not including recovery) of accounts receivable during the period is:
Option a: Accounts Receivable
669,500
Cash
Option b: Accounts Receivable
201,100
Option c: Cash
805,800
Accounts Receivable
Option d: Cash
769,300
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