Fitsum Company uses the allowance method of accounting for doubtful accounts. As of November 2,...
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Fitsum Company uses the allowance method of accounting for doubtful accounts. As of November 2, 2019, there was $5,026 in the accounts receivable T-account and $710 in allowance for doubtful accounts. On November 3, 2019, the company wrote off $300 of customer A's accounts because customer A went to jail. 1. What was the dollar value of net accounts receivable on November 2, 2019? 2. Explain in two sentences or less why the dollar value of net accounts receivable will not change as the result of the November 3 transaction
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