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Quality Book Sales began Year 2 with $78,500 Accounts Receivable and $4,710 Allowance for Doubtful Accounts.
During the year, Quality experienced the following transactions:
- Sales on Account $550,000
- Collection on Accounts Receivable $556,000
- After several collection attempts, wrote off $2,850 of accounts that could not be collected.
- Estimated 4% of receivables are uncollectible.
What is the balance in Accounts Receivable immediately after the write-off in #3 above?
What is the balance in the Allowance for Doubtful Accounts immediately after the write-off in #3?
What is the Uncollectible Accounts Expense for Year 2?
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