The General Ledger Account for Accounts Receivable Shows a Debit

question 37

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 accounts receivable aging method,the entry to record Uncollectible Accounts Expense would be:

• A)Uncollectible Accounts Expense 21,500 Allowance for Uncollectible Accounts 21,500
• B)Uncollectible Accounts Expense 17,000 Allowance for Uncollectible Accounts 17,000
• C)Allowance for Uncollectible Accounts 20,000 Uncollectible Accounts Expense 20,000
• D)Allowance for Uncollectible Accounts 23,000 Uncollectible Accounts Expense 23,000

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Definitions:

Enantiomer

Molecules that are mirror images of each other but cannot be overlaid onto each other, much like left and right hands.

Meso Compound

A type of stereochemical isomer with multiple stereocenters that is superimposable on its mirror image, making it achiral despite containing chiral centers.

Diastereomers

Isomers that have a different spatial orientation of atoms but are not mirror reflections of each other.

Meso Form

A stereoisomer with multiple stereocenters that is superimposable on its mirror image, thus being optically inactive.