On January 1, 2014 the Accounts Receivable and the Allowance

question 111

Multiple Choice

On January 1, 2014 the Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $30,000 and $500, respectively. During the year the company reported $75,000 of credit sales. There were $550 of receivables written-off as uncollectible in 2014. Cash collections of receivables amounted to $74,550. The company estimates that it will be unable to collect one percent (1%) of credit sales.
The entry required to recognize the uncollectible accounts expense for 2014 will

• A) increase total assets and retained earnings.
• B) decrease total assets and retained earnings.
• C) decrease total assets and increase net income.
• D) increase total assets and decrease net income.

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Definitions:

Salience

The property of a specific stimulus that allows it to become readily associated with a particular unconditioned stimulus (UCS).

Trace Conditioning

When the conditioned stimulus (CS) is presented and terminated prior to unconditioned stimulus (UCS) onset with this conditioning paradigm.

Delayed Conditioning

A paradigm in which the conditioned stimulus (CS) onset precedes the unconditioned stimulus (UCS), and CS termination occurs either with UCS onset or during UCS presentation

Hot Dog

A cooked sausage, traditionally grilled or steamed and served in a sliced bun as a sandwich.