Illustrate the effects on the accounts, and financial statements of the following transactions in the...
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Accounting
Illustrate the effects on the accounts, and financial statements of the following transactions in the accounts of A1 Kitchen Company, a restaurant supply company that uses the allowance method account for uncollectible receivables:
Jan 3. Received $8,000 on an account and wrote off the remainder owed of $32,000 as uncollectible.
Nov 2. Reinstated the account that had been written off on January 31 and received $32,000 cash in full payment.
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