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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.
-Assume that the Loudoun Corporation uses the direct write-off method of accounting for uncollectible accounts.Which of the following answers correctly describes the effect of the write-off of the customer's account on Lindley's financial statements?
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. -Assume that the Loudoun Corporation uses the direct write-off method of accounting for uncollectible accounts.Which of the following answers correctly describes the effect of the write-off of the customer's account on Lindley's financial statements? 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. -Assume that the Loudoun Corporation uses the direct write-off method of accounting for uncollectible accounts.Which of the following answers correctly describes the effect of the write-off of the customer's account on Lindley's financial statements? 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. -Assume that the Loudoun Corporation uses the direct write-off method of accounting for uncollectible accounts.Which of the following answers correctly describes the effect of the write-off of the customer's account on Lindley's financial statements? 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. -Assume that the Loudoun Corporation uses the direct write-off method of accounting for uncollectible accounts.Which of the following answers correctly describes the effect of the write-off of the customer's account on Lindley's financial statements? 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. -Assume that the Loudoun Corporation uses the direct write-off method of accounting for uncollectible accounts.Which of the following answers correctly describes the effect of the write-off of the customer's account on Lindley's financial statements?

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