At the Beginning of the Year, Robert Company's Allowance for Impairment

question 52

Multiple Choice

At the beginning of the year, Robert Company's Allowance for Impairment had a $3,200 credit balance. During January, a provision of 2% of sales was made for uncollectible accounts expense. During January, sales totaled $350,000, and $2,900 of accounts receivable were written off as worthless. No recoveries of accounts previously written off were made during the month. Robert's financial statements for January show:

• A) Allowance for Impairment with a credit balance of $10,200.
• B) Allowance for Impairment with a credit balance of $7,300.
• C) Uncollectible Accounts Expense of $9,900.
• D) Uncollectible Accounts Expense of $4,100.

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