An Aging of a Company's Accounts Receivable Indicates That $13,000

question 34

Multiple Choice

An aging of a company's accounts receivable indicates that $13,000 is estimated to be uncollectible.If the Allowance for Doubtful Accounts has a $2,400 debit balance, the adjustment to record bad debts for the period will require a

• A)debit to Bad Debts Expense for $15,400.
• B)debit to Bad Debts Expense for $13,000.
• C)debit to Bad Debts Expense for $10,600.
• D)debit to Allowance for Doubtful Accounts for $13,000.

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Definitions:

Perpetual Inventory System

An inventory management system that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.

Net Method

An accounting technique used for recording purchases where the purchase is recorded net of any trade discounts offered by the supplier.

Returned Merchandise

Items that customers bring back to the seller after purchase due to defects, dissatisfaction, or other reasons, often leading to refunds or exchanges.

Periodic Inventory System

An inventory system where inventory levels are updated at specific intervals, typically through physical counts.