Financial Accounting Quiz
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CASH AND INTERNAL CONTROLS
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Sterling Company uses the allowance method. On March 10, they wrote off a $6,200 account from Wilson Inc. On August 22, Wilson Inc. paid $4,000, stating this was partial payment on their old debt with a promise to pay the remaining $2,200 within 60 days. How should Sterling treat Wilson's account status after the August 22 payment?
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