Aspen Company Provides for Doubtful Accounts Expense at the Rate

question 48

Multiple Choice

Aspen Company provides for doubtful accounts expense at the rate of 3 percent of credit sales.The following data are available for last year:

The allowance for doubtful accounts balance at December 31,after adjusting entries,should be

• A)$45,000.
• B)$99,000.
• C)$90,000.
• D)$84,000.

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Definitions:

Essential Attributes

Fundamental qualities or characteristics that define the nature of something, without which it would not be what it is.

Genus

A category that encompasses a collection of entities with shared traits, frequently employed in the taxonomy of biology to indicate a level higher than species but lower than family.

Differentia

The trait or characteristic that distinguishes one thing from another, especially within classification.

Circular

Referring to a shape or movement that is round in form and has no beginning or end point.