On january 1 2007 granite company had a 4000 balance in the, Ask an Expert

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On January 1, 2007 Granite Company had a $4,000 balance in the Accounts Receivable account and a zero balance in the Allowance for Doubtful Accounts account. During 2007, it sold $25,000 on account. The company collected $24,000 cash from account receivable. Bad debts are estimated to be 2% of sales on account.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9952739

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