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In its 2014 financial report, Unsound Limited reported the following items: 1. A credit balance...

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Accounting

In its 2014 financial report, Unsound Limited reported the following items: 1. A credit balance of $200,000 in Allowance for Doubtful Accounts. 2. Sales of $3,250,000 During 2014, the company had the following transactions related to Allowance for Doubtful Accounts. 1. Wrote off accounts considered uncollectible totaling $195,000. 2. Recovered $45,000 that had previously been written off.

Assume that historically 5% of sales has proven to be uncollectible. Compute the December 31, 2013 balance in Allowance for Doubtful Accounts, and show all journal entries related to the allowance account for 2014.

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