Use This Information to Answer the Following Question

question 150

Multiple Choice

Use this information to answer the following question. The general ledger account for Accounts Receivable shows a debit balance of $50,000.Allowance for Uncollectible Accounts has a credit balance of $1,000.Net sales for the year were $465,000.In the past,2 percent of sales have proved uncollectible,and an aging of accounts receivable accounts results in an estimate of $13,500 of uncollectible accounts.
Using the percentage of net sales method,the Allowance for Uncollectible Accounts balance (after adjustment) would be

• A) $8,300.
• B) $9,300.
• C) $10,300.
• D) $1,000.

Journalize basic accounting transactions for purchases, sales, and payments.

Understand the effect of transactions on account balances and the accounting equation.

Describe the process and importance of setting up a chart of accounts.

Analyze and record the changes in account balances due to transactions.

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A collection of data organized in rows and columns within Microsoft Access, a database management system.

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Markers used in XML documents to define the start and end of elements, which hold and describe the data content within them.

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