Which of the following related to sales on credit is known with certainty at the balance sheet date?

Question

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The gross amount of accounts receivable, which represents the amount owed to the company by its customers for sales on credit, is known with certainty at the balance sheet date as it is recorded in the accounting records. The amount of bad debts, returns of goods, and discounts taken by customers are estimates that require judgement and may not be known with certainty at the balance sheet date.

Which of the Following Related to Sales on Credit Is