The General Ledger Account for Accounts Receivable Shows a Debit

question 65

Multiple Choice

The general ledger account for Accounts Receivable shows a debit balance of $50,000.Allowance for Uncollectible Accounts has a credit balance of $3,000.Net sales for the year were $500,000.In the past,3 percent of sales have proved uncollectible,and an aging of accounts receivable resulted in an estimate of $20,000 of uncollectible accounts receivable. Using the percentage of net sales method,the entry to record the Uncollectible Accounts Expense would be

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