A Firm Reported Net Credit Sales of $225,000 During the Year

question 14

Multiple Choice

A firm reported net credit sales of $225,000 during the year and has a balance of $20,000 in its Accounts Receivable account at year-end.Prior to adjustments,Allowance for Doubtful Accounts has a debit balance of $100.The firm estimates its losses from uncollectible accounts to be one-half of 1 percent of net credit sales.The entry to record the estimated losses from uncollectible accounts will include a credit to Allowance for Doubtful Accounts for

• A) $1,225.
• B) $1,125.
• C) $900.
• D) $2,250.

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