Olin Company Had Accounts Receivable of $449,000

question 100

Multiple Choice

Olin Company had accounts receivable of $449,000. Before it recorded the adjusting entry for uncollectible accounts, the balance in the Allowance for Doubtful Accounts was $870. Olin estimates that it will not collect 3 percent of its accounts receivable. What amount of uncollectible accounts expense should be recorded?

• A) $12,600
• B) $10,860
• C) $11,730
• D) $13,470

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Definitions:

Official Statistics

Official statistics are quantifiable data collected and published by governmental agencies or other recognized official entities, often used for policy making and public information.

Suicide Rates

The frequency of suicides occurring within a particular population, usually per year, often measured per 100,000 individuals.

Suicide By

A method where an individual puts themselves in harm's way with the intention of ending their life, often abbreviated in contexts like "suicide by police" where the individual provokes law enforcement to use lethal force.

Firearm

A portable gun that launches one or more projectiles driven by rapidly expanding high-pressure gas produced chemically by combustion or other means.