Using the Percentage-Of-Sales Method,the Estimated Total Uncollectible Accounts Are $7,122

question 113

Multiple Choice

Using the percentage-of-sales method,the estimated total uncollectible accounts are $7,122.The Allowance for Uncollectible Accounts prior to adjustment has a debit balance of $3,135.The Accounts Receivable balance is $44,820.The amount of the adjusting entry for Uncollectible-Accounts Expense is:

• A)$3,135.
• B)$3,987.
• C)$7,122.
• D)$10,257.

Recognize how different transactions are recorded in a perpetual inventory system.

Comprehend the role and calculation of gross profit in assessing company profitability.

Differentiate between types of income statements and the placement of revenue and expenses.

Identify the primary sources of revenue for different types of companies.

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