Allied Inc.has an Account Receivable balance of $24,500 and its Allowance for Uncollectible Accounts balance is $1,250.How will this be reported on the Balance Sheet?
A) Accounts Receivable 24,500
Less: Allowance for Uncollectible Accounts 250
Accounts Receivable,Net $23,250
B) Accounts Receivable $23,250
C) Accounts Receivable,Net of Allowance for Uncollectible Accounts of $1,250 $23,250
D) Both A and C are acceptable ways to report Accounts Receivable.
Correct Answer:
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