Charmed Inc. has an Account Receivable balance of $27,500 and its Allowance for Uncollectible Accounts balance is $1,250. How will this be reported on the Balance Sheet?
A) Accounts Receivable 27,500
Less: Allowance for Uncollectible Accounts 1,250
Accounts Receivable, Net $26,250
B) Accounts Receivable $26,250
C) Accounts Receivable, Net of Allowance for Uncollectible Accounts of $1,250 $26,250
D) Both A and C are acceptable ways to report Accounts Receivable.
D) Both A and C are acceptable ways to report Accounts Receivable.
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