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Uncollectible Accounts Receivable On January 1, Xtreme Co. began offering credit with terms of n?30. Uncollectible accounts are estimated to be 1% of credit sales, which is the average for the industry. The CEO, Todd Hurley, has no background in accounting and is struggling to understand the allowance method. Write a brief memo to Todd explaining the allowance method and how the information is reported in the financial statements.

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