Use the Following to Answer Questions

question 35

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 the December 31,2015 adjusting entry for uncollectible accounts on the financial statements of the Loudoun Corporation?

---

Definitions:

Visual-motor Abilities

Skills that involve coordination between visual perception and motor control, supporting tasks like writing and catching a ball.

G Factor

Spearman’s term for a general intellectual ability that underlies all mental operations to some degree.

S Factor

Also known as the "specific factor," it refers to specific mental abilities as opposed to general intelligence in psychometric testing.

Primary Mental Abilities

According to Thurstone, seven relatively distinct capabilities that singly or in combination are involved in all intellectual activities.