Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: Days Outstanding Accounts Receivable Est. Percent Uncollectible 1-30 days $64,000 3% 31-60

A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following:

Days Outstanding Accounts Receivable Est. Percent Uncollectible
1-30 days $64,000 3%
31-60 days $43,000 4%
61-90 days $23,000 10%
Over 90 days $8000 52%

Before the year-end adjustment, the credit balance in Allowance for Uncollectible Accounts was $800. Under the aging-of-receivables method, the balance in the Allowance for Uncollectible Accounts will be ________ after the adjusting entry is made.

Group of answer choices

$9300

$10,900

$1120

$10,100

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions