A company uses the allowance method to account for bad debts. What is the effect on each of the following accounts of the collection of an account previously written off? 
Definitions:
Average Age
A statistic that represents the mean age of a group of individuals or objects.
Learning by Doing
The process where productivity is increased through practice, self-perfection, and minor innovations.
Cost-Output Elasticity
A measure of how responsive the total cost of production is to changes in the quantity of output produced.
Learning Curve
A graphical representation showing how an increase in learning or experience can lead to improved efficiency and a decrease in the time required to complete a task.
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