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December 31, Year 1, the Loudoun Corporation estimated that 3% of its credit saijes of...

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Accounting

December 31, Year 1, the Loudoun Corporation estimated that 3% of its credit saijes of $112,500 woulc collectible. Loudoun uses the allowance method. On February 15, Year 2, one of Loudoun's customers y his $1,050 account and the account was written off. On April 4, Year 2, this customer paid Loudoun t
the following correctly states the effect of Loudoun Company's February Year 2 entry to write off the
\table[[sets,=,Liab.,+,\table[[Stk.],[Equity]],Rev.,-,Exp.,=,Net Inc.,\table[[Stmt of Cas],[Flows]]],[NA,NA,,NA,NA,,NA,,NA,NA,],[050
image

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