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As of January 1, 2021, Farley Co. had a credit balance of $526,000 in its allowance for uncollectible accounts. Based on expe
The balance in accounts receivable at the beginning of 2021 was $610. During 2021, $2,700 of credit sales were recorded. If t
False Value Hardware began 2021 with a credit balance of $31,500 in the refund liability account. Sales and cash collections
False Value Hardware began 2021 with a credit balance of $32,000 in the refund liability account. Sales and cash collections
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Allowance for doubtful account: Beginning credit balance Add: Bad debt expense (3%x19,500,000) Less: Write off Ending balance

Refund liability account: Beginning balance Add: Estimates (8%x620,000) Less: Refund paid Ending balance 32,000 49,600 -20,00

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