Y Company Obtained the Following Balances from Its Computerized Accounting

question 12

Multiple Choice

Y Company obtained the following balances from its computerized accounting information system at the end of the year before adjustments: The company estimates that 20% of accounts receivable will be uncollectible.After the correct adjusting entry has been made,the allowance for uncollectible accounts will be:

• A)$(2,400).
• B)$(4,800).
• C)$(5,400).
• D)$(20,000).

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Definitions:

Crazes

Intense but short-lived fads or trends that capture a large following or great enthusiasm for a brief period.

Fads

Temporary, highly popular trends or behaviors that spread quickly and are followed with enthusiasm, but fade away just as quickly.

Demographic Shifts

Changes in the characteristics of a population over time, which can include age, ethnicity, gender distribution, and so forth.

Social Change

The transformation of culture, behavior, social institutions, and social structure over time, often seen as a necessary aspect of societal progress or development.