At the Beginning of 2019,Elliott,Inc

question 226

Multiple Choice

At the beginning of 2019,Elliott,Inc.has the following account balances:

Bad Debts Expense $0
During the year,credit sales amounted to $820,000.Cash collected on credit sales amounted to $780,000,and $15,000 has been written off.At the end of the year,the company adjusted for bad debts expense using the percent-of-sales method and applied a rate,based on past history,of 2.5%.The ending balance in the Allowance for Bad Debts is ________.

• A)$6,000
• B)$5,500
• C)$10,500
• D)$11,500

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Definitions:

Personality

The combination of characteristics or qualities that form an individual's distinctive character and behavioral patterns.

Class Clown

A common role in academic settings, referring to a student known for their humorous antics and tendencies to entertain peers, often at the expense of disruption.

Socialized

The process by which individuals learn and internalize the values, beliefs, and norms of their culture or society, influencing their behaviors and perspectives.

Buffoons

Individuals who behave in a ridiculous but amusing way; often used to refer to clowns or jesters historically.