On January 1, Five Star Services Has the Following Balances

question 82

Multiple Choice

On January 1, Five Star Services has the following balances: Accounts Receivable $24,000 (debit)
Bad Debts Expense $0
Five Star Services has the following transactions during January: Credit sales of $120,000, collections of credit sales of $86,000, and write-offs of $20,000. Five Star Services uses the direct write-off method. At the end of January, the balance of Accounts Receivable is ________.

• A) $14,333
• B) $38,000
• C) $27,907
• D) $58,000

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Definitions:

Brain Locations

Specific areas within the brain associated with different cognitive functions or processes.

Real Events

Actual occurrences or happenings in the physical world, as opposed to imagined or theoretical situations.

Curve Of Forgetting

A graph showing a distinct pattern in which forgetting is very fast within the first hour after learning a list and then tapers off gradually.

Ebbinghaus

A psychologist known for his research on memory and the forgetting curve, the decline of memory retention over time.