(Solution) - Vince Ventures Company reported an opening balance of 925 000 -(2025 Original AI-Free Solution)

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Vince Ventures Company reported an opening balance of $ 925,000 in its allowance for uncollectible accounts. Vince Ventures determined that a $ 57,500 account due from Ric Associates was uncollectible. Prepare the journal entry to write off the Ric account assuming Vince Ventures uses the allowance method.