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On June 30th (the end of the period) Brown Company has a credit balance of $2,275 in Allowance for Doubtful Accounts. An evaluation of accounts receivable indicates that the proper balance should be $30,025. Journalize the appropriate adjusting entry.
Balance Sheet
A financial statement that summarizes an entity's assets, liabilities, and shareholders' equity at a specific point in time.
Financial Statements
Formal records of the financial activities and position of a business, individual, or other entity, typically including the balance sheet, income statement, and cash flow statement.
Trial Balance
A financial statement that lists all the accounts of a company and their balances at a particular time, used to ensure that debits equal credits.
Adjusted
Pertaining to alterations made to financial statements or balances to correct them or to reflect changes not captured in the original entries.
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