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A Firm Has Accounts Receivable of $100,000 and Allowance for Doubtful

Question 40

Multiple Choice

A firm has accounts receivable of $100,000 and allowance for doubtful accounts of $15,000.How will this be reported on the financial statements?

A) $85,000 asset
B) $85,000 revenue
C) $100,000 asset and $15,000 liability
D) revenue of $100,000 and expense of $15,000

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