At the End of Its First Year of Operations, and Before

question 107

Multiple Choice

At the end of its first year of operations, and before the adjusting entries at December 31, a company had a balance in accounts receivable of $250,000. The adjustments included a $2,000 write-off of an uncollectible account and recording bad debt expense of $3,500. What should the company report on its balance sheet at December 31, as net accounts receivable?

• A) $246,500
• B) $248,000
• C) $248,500
• D) $256,000

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Definitions:

Communist Vietnamese

Refers to the government and supporters of the Communist Party in Vietnam, particularly during the Vietnam War era, when North Vietnam fought to unify the country under communist rule.

Suffering

A condition of undergoing pain, distress, or hardship.

Indochina

A geographical term referring to the region in Southeast Asia that includes the countries of Vietnam, Laos, and Cambodia.

Reestablish Control

The act of regaining authority or command over a situation, group, or territory after having lost it.