Accounts Receivable Has a $3,450 Balance,and the Allowance for Doubtful

question 95

Multiple Choice

Accounts Receivable has a $3,450 balance,and the Allowance for Doubtful Accounts has a $300 credit balance.An $120 account receivable is written-off.Net receivables (net realizable value) after the write-off equals:

• A)$3,030.
• B)$3,150.
• C)$3,270.
• D)$3,330.

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Definitions:

Balance Sheet

A financial statement summarizing a company's assets, liabilities, and owner's equity at a specific point in time.

Biweekly Salaries

A compensation structure where employees are paid every two weeks, typically resulting in 26 pay periods per year.

Fiscal Period

A specific time period for which an organization prepares its financial statements and reports its financial performance.

Adjusting Entry

An accounting record made to update the book balances to reflect the true financial status before preparing financial statements.