Use the Following to Answer Questions

question 69

Short Answer

Use the following to answer questions
On December 31,2015,the Loudoun Corporation estimated that 3% of its credit sales of $112,500 would be uncollectible.Loudoun uses the allowance method of accounting for uncollectible accounts.In February 2016,one of Loudoun's customers failed to pay his $1,050 account and the account was written off.On April 4,2016,this customer paid Loudoun the $1,050.
-Which of the following answers correctly states the effect of recording the collection of the reestablished receivable on April 4,2016?

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Definitions:

Cylinder Seal

A cylindrical piece of stone usually about an inch or so in height, decorated with an incised design, so that a raised pattern is left when the seal is rolled over soft clay. In the ancient Near East, documents, storage jars, and other important possessions were signed, sealed, and identified in this way. Stamp seals are an earlier, flat form of seal used for similar purposes.

Sound Box

The part of a musical instrument where the sound resonates, often found in stringed instruments like guitars or violins.

Colonnade

A series or row of columns, usually spanned by lintels.

Persepolis

An ancient city in Persia, renowned for its monumental architecture and cultural significance, serving as a ceremonial capital of the Achaemenid Empire.