Using the Aging-Of-Accounts-Receivable$3,800

question 44

Multiple Choice

Using the aging-of-accounts-receivable$3,800. The Allowance for Uncollectible Accounts prior to adjustment has a debit balance of $1,100. The amount of the adjusting entry should be:

• A) $3,800
• B) $4,900
• C) $2,700
• D) $1,100

Comprehend the components and significance of an effective internal control environment.

Understand the importance and functions of cash controls in safeguarding a company's cash.

Comprehend the role and contents of a bank statement in managing company finances.

Grasp the concept and applications of a voucher system in handling company liabilities and payments.

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Definitions:

Accounts Receivable

Money owed to a company by its customers for goods or services that have been delivered or used but not yet paid for.

Credit Sales

Transactions where goods or services are provided to a customer with an agreement to pay at a later date.

Cash Sales

Transactions in which goods or services are paid for with cash at the time of the sale.

Sales on Account

Transactions where the customer purchases goods or services on credit and promises to pay the seller at a later date.