At the Beginning of 2014, Mark's Sales Had the Following

question 39

Multiple Choice

At the beginning of 2014, Mark's sales had the following ledger balances: During the year there were $450,000 of credit sales, $460,000 of collections, and $3,700 of write-offs. At the end of the year, Mark's adjusted for uncollectible account expense using the percent-of-sales
Method, and applied a rate, based on past history, of 1.2%. At the end of the year, what was the balance in the Allowance account?

• A)$2,300
• B)$1,700
• C)$6,400
• D)$2,700

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Definitions:

Reciprocal Determinism

A social cognitive theory concept suggesting that a person's behavior, personal factors, and the environment continuously interact with and influence each other.

Stage Theories

Theoretical perspectives in psychology that describe human development and behavior as occurring in distinct stages, each building upon the last.

Continuum Theories

Models that describe phenomena as existing on a dynamic scale rather than being divided into discrete categories.

Nonadherence

The failure or refusal to comply with prescribed medical treatment plans, potentially leading to adverse health outcomes.