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

question 47

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 aging method, and calculated an amount of $1,600 as their estimate of uncollectible accounts. At the end of the year, what was the balance in the Allowance account?

• A)$1,600
• B)$1,700
• C)$6,400
• D)$2,700

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Definitions:

Anthony Giddens

A prominent British sociologist known for his theory of structuration and exploration of modernity, identity, and globalization.

Ian Craib

A British sociologist who contributed to theories on identity, psychoanalysis, and the critique of contemporary sociology.

Historically Underestimated

Referring to entities or groups that have not received due recognition or value in historical assessments.

Structures

Refers to the complex framework or arrangement of interrelated parts that make up a system or organization.