Accelerated Solutions
the Following Information Is from the Company's Records

question 152

Multiple Choice

Accelerated Solutions
The following information is from the company's records for Year 1:
$\begin{array}{lr}\text { Accounts receivable - January 1, Year 1 } & 350,000 \\\text { Credit sales during Year 1 } & 1,200,000 \\\text { Collections from credit customers during Year 1 } & 850,000 \\\text { Customer accounts written off as uncollected during Year 1 } & 10,000 \\\text { Allowance for doubtful accounts -January 1, Year 1 } & 35,000 \\\text { Estimated uncollected accounts based on an aging analysis } & 50,000\end{array}$
-Refer to the figure Accelerated Solutions.What is the balance of accounts receivable at December 31,Year 1?

• A) $340,000
• B) $690,000
• C) $700,000
• D) $710,000

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Definitions:

Exhibits Specificity

Describes the quality of being precise or particular in the interaction, such as the way enzymes selectively bind to specific substrates.

ATP

Adenosine triphosphate, the principal molecule for storing and transferring energy in cells.

Carrier Molecule

A molecule that facilitates the transport of another molecule across a cell membrane, often requiring energy.

Cellular Energy

Energy stored in the cells that is necessary for various functions including metabolism, chemical synthesis, and muscular contraction, mainly produced in the form of ATP.