Use the Following to Answer Questions

question 58

Short Answer

Use the following to answer questions
On January 1,2016,Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $31,000 and $500,respectively.During the year Kincaid reported $72,500 of credit sales.Kincaid wrote off $550 of receivables as uncollectible in 2016.Cash collections of receivables amounted to $74,550.Kincaid estimates that it will be unable to collect one percent (1%)of credit sales.
-Which of the following reflects the effect of the year-end adjusting entry to record estimated uncollectible accounts expense using the allowance method?

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Definitions:

Carl Rogers

An influential American psychologist who founded the humanistic approach to psychology, emphasizing the importance of free will, self-actualization, and psychological health.

Negative Reinforcement

The termination of an unpleasant condition after a response, which increases the probability that the response will be repeated.

Central Traits

Personality attributes that are considered to be important for the way an individual presents themselves and are perceived by others.

Gordon Allport

An influential psychologist recognized for his theory of personality that emphasized individuality and the positive aspects of human nature.