Multiple Choice
Forest Hill, Inc. repossessed an item it sold in 2014 with a gross profit of 40%. The fair value of the repossessed item was $140. The remaining receivable amounted to $400. What account had the smallest amount debited to it?
A) Allowance for Doubtful Installment Accounts Receivable
B) Accounts Receivable
C) Repossessed Inventory
D) Deferred Gross Profit
Correct Answer:
Verified
Correct Answer:
Verified
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