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Explain the accounting constraint of materiality

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Question: Milner Corp. uses the allowance method to account for uncollectibles. On October 31, it wrote off a $1,000 account of a customer, C. Schaub. On December 9, it receives a $200 payment from Schaub.

1. Prepare the journal entry or entries for October 31.

2. Prepare the journal entry or entries for December 9; assume no additional money is expected from Schaub.

3. Explain the accounting constraint of materiality.

Reference no: EM131533677

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