The General Ledger Account for Accounts Receivable Shows a Debit

question 29

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 Allowance for Uncollectible Accounts balance (after adjustment) would be

• A)$17,000.
• B)$20,000.
• C)$21,500.
• D)$23,000.

Comprehend selective breeding techniques and their applications in genetic selection.

Distinguish between acquired and inherited genetic mutations.

Describe the structure and function of the cell membrane, including substance transport mechanisms.

Understand the organization and functions of the central and peripheral nervous systems.

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Definitions:

Disposal

The process of getting rid of something, especially by throwing it away or by selling it.

Accumulated Depreciation

Accumulated depreciation is the total amount of depreciation expense that has been recorded for an asset since it was put into use, reducing its book value on the balance sheet.

Goodwill

An intangible asset that is created from such favorable factors as location, product quality, reputation, and managerial skill.

Boot

The remaining amount a buyer owes after the trade-in allowance when a fixed asset is traded in for a similar asset.