Using Its Aging of Accounts Receivable,Age Old,Inc

question 1

Multiple Choice

Using its aging of accounts receivable,Age Old,Inc.estimates that $90,000 of its $4,000,000 of accounts receivable will be uncollectible.Prior to making its adjusting entry,the unadjusted Allowance for Doubtful Accounts has a credit balance of $1,000.After the adjustment,the:

• A)Allowance for Doubtful Accounts will have a $90,000 credit balance.
• B)Allowance for Doubtful Accounts will have an $89,000 credit balance.
• C)Allowance for Doubtful Accounts will have a $91,000 credit balance.
• D)Bad Debt Expense will equal $90,000.

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Definitions:

Hepaticophyta

A division of non-vascular plants known as liverworts, which are small, herbaceous plants found worldwide, playing a key role in the ecology of moist habitats.

Anthocerophyta

A phylum of non-vascular plants known as hornworts, characterized by a sporophyte that resembles a horn.

Ferns

A group of non-flowering vascular plants that reproduce via spores and have neither seeds nor flowers.

Bryophyta

A division of non-vascular land plants that are known as mosses, characterized by life-cycles with a dominant gametophyte stage.