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At 30 November 2009, Hollie’s general ledger included the following balances:
Trade receivables $132,425
Allowance for receivables at 1 December 2008 $2,430
Hollie’s allowance for receivable should be revised to $1,100
How should receivables be reported on Hollie’s Statement of Financial Position?
A Current asset of $132,425, Current liability $1,100
B Current asset of $131,325
C Current asset of $134,855 Current liability $1,100
D Current asset of $133,755
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