Oriole, Inc. had net sales in 2017 of $1,480,600. At December 31, 2017, before adjusting entries, the balances in selected accounts were Accounts Receivable $213,100 debit, and Allowance for Doubtful Accounts $3,720 credit.
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If a parcel of land that was originally purchased for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is sold for $137,000.
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