The General Ledger Account for Accounts Receivable Shows a Debit

question 65

Multiple Choice

The general ledger account for Accounts Receivable shows a debit balance of $50,000.Allowance for Uncollectible Accounts has a credit balance of $3,000.Net sales for the year were $500,000.In the past,3 percent of sales have proved uncollectible,and an aging of accounts receivable resulted in an estimate of $20,000 of uncollectible accounts receivable. Using the percentage of net sales method,the entry to record the Uncollectible Accounts Expense would be

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Definitions:

Acupuncture

A traditional Chinese medicine technique involving the insertion of needles into specific points on the body to relieve pain or treat various health conditions.

CAM

Stands for Complementary and Alternative Medicine, which includes diverse medical practices and products not traditionally part of conventional medicine.

Asian American

A person of Asian descent residing in America, including people from East Asia, Southeast Asia, and the Indian subcontinent.

European American

An individual in the United States who identifies as having origins from any of the original peoples of Europe.