A Firm Reported Net Credit Sales of $960,000 for the Year

question 83

Multiple Choice

A firm reported net credit sales of $960,000 for the year and an Accounts Receivable balance of
$120,000 at year-end. Prior to adjustments, Allowance for Doubtful Accounts has a debit balance of $820. The firm estimates its losses from uncollectible accounts to be one-half of 1 percent of net credit sales.
- The entry to record the estimated losses from uncollectible accounts will include a credit to Allowance for Doubtful Accounts for

• A)$4,800.
• B)$5,620.
• C)$5,080.
• D)$3,980.

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Definitions:

Dominant

Referring to a trait that supersedes another inherited trait in the phenotype of an organism.

Submissive

Ready to conform to the authority or will of others; meekly obedient or passive.

Marries

The act of entering into a legal or spiritual union with another person, recognized by society or religious institutions as a partnership.

Scientific Method

A systematic procedure for collecting and analyzing evidence, critical in the exploration and understanding of the natural world.