Using the Following Information: During 2010, Sales on Account

question 34

Multiple Choice

Using the following information: During 2010, sales on account were $145,000 and collections on account were $86,000. Also during 2010, the company wrote off $8,000 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that uncollectible accounts should be estimated at $54,000.
Bad debts expense for 2010 is

• A) $17,000.
• B) $9,000.
• C) $54,000
• D) $1,000.

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Definitions:

Lactams

Cyclic amides formed from the reaction between an amino group and a carboxylic acid group within the same molecule.

IUPAC Name

The systematic method of naming chemical compounds as recommended by the International Union of Pure and Applied Chemistry (IUPAC).

Compound

A distinct chemical substance resulting from the combination of multiple elements into a molecule, exemplified by its specific chemical formula and molecular structure.

Cyclic Esters

Organic compounds characterized by a ring structure containing an ester linkage, also known by the term "lactones."