The General Ledger Account for Accounts Receivable Shows a Debit

question 111

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 Allowance for Uncollectible Accounts balance (after adjustment) would be

• A)$12,000.
• B)$15,000.
• C)$18,000.
• D)$20,000.

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