Teller Inc

question 20

Multiple Choice

Teller Inc.reported an allowance for doubtful accounts of $30,000 (credit) at December 31,2013,before performing an aging of accounts receivable.As a result of the aging,Teller Inc.determined that an estimated $52,000 of the December 31,2013,accounts receivable would prove uncollectible.The adjusting entry required at December 31,2013,would be

• A) Doubtful Accounts Expense ...........22,000
• Allowance for Doubtful Accounts ...22,000
• B) Allowance for Doubtful Accounts .....22,000
• Accounts Receivable ...............22,000
• C) Doubtful Accounts Expense ...........52,000
• Allowance for Doubtful Accounts ...52,000
• D) Allowance for Doubtful Accounts .....52,000
• Doubtful Accounts Expense .........52,000

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Definitions:

Unknown Territory

New or unfamiliar areas, contexts, or situations that have not been previously explored or understood.

Venture Capital Investment

Funding provided by investors to startup companies and small businesses with perceived long-term growth potential.

Actual Deal

The final agreement in a negotiation or transaction, reflecting the realized conditions and terms after discussions have concluded.

Fund Raising

The process of gathering voluntary contributions of money or other resources, typically for non-profit organizations or to finance a particular project or venture.