The Following Information Pertains to Lightning,Inc

question 76

Multiple Choice

The following information pertains to Lightning,Inc.at the end of the year:
Lightning uses the percentage-of-credit-sales method and estimates 1% of sales are uncollectible.What is the ending balance of the allowance account after the year-end adjustment?

• A)$600.
• B)$1,000.
• C)$200.
• D)$1,200.

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Definitions:

Praying

A religious practice involving communion with a deity or deities through invocations, confessions, or expressions of gratitude.

Protestant Ethic

The concept introduced by Max Weber suggesting that the Calvinist emphasis on hard work, thrift, and efficiency in one's worldly calling was a driving force behind the development of capitalism.

God's Chosen

A belief held within some religious groups that they have been specifically chosen by a divine power for a particular purpose.

Works Hard

Exerting significant effort or diligence in performing tasks or achieving goals.