At the End of the Current Year, the Trial Balance

question 53

Short Answer

At the end of the current year, the trial balance of Monique's Fashion Industries included the accounts and balances shown below. Credit sales were $4,600,000. Returns and allowances on these sales were $27,500. Assume that the firm bases its estimate of the loss from uncollectible accounts on 0.3 percent of net credit sales. $\begin{array}{lr}\text { Accounts Receivable } & \$ 650,000 \mathrm{Dr} \\\text { Allowance for Doubtful Accounts } & 4,500 \mathrm{Cr} . \\\text { Sales } & 7,000,000 \mathrm{Cr} . \\\text { Sales Returns and Allowances } & 55,000 \mathrm{Dr} .\end{array}$ 1. What is the estimated loss from uncollectible accounts for the current year?
2. What is the amount of the adjusting entry for the estimated loss from uncollectible accounts? (Round your answers to the nearest dollar.)

Identify and understand common reasons why victims of abuse might not report incidents of sexual assault.

Communicate effectively and sensitively with victims of sexual violence.

Know the importance of using a victim's own words for documentation in cases of sexual assault.

Recognize the physiological and emotional benefits of sexual activities during menstruation.

---

Definitions:

Nature And Nurture

The debate regarding the relative contributions of genetics (nature) and environment (nurture) to an individual's physical and behavioral characteristics.

Continuity And Stages

The debate in developmental psychology about whether development is a gradual, continuous process or a series of distinct stages.

Discrete Age-Linked Stages

The concept that development occurs in distinct, clearly defined stages that are linked to specific ages, with each stage bringing about different abilities and behaviors.

Human Development

The multidisciplinary study of how people change and grow over the course of their life.