Question
An estimate based on an analysis of receivables shows that $670 of accounts receivables are uncollectible. The Allowance for Doubtful Accounts has a credit balance
An estimate based on an analysis of receivables shows that $670 of accounts receivables are uncollectible. The Allowance for Doubtful Accounts has a credit balance of $110. After preparing the adjusting entry at the end of the year, the balance in the Allowance for Doubtful Accounts account is: Group of answer choices
$110
$780
$670
$890
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A 90-day, 10% note for $8,000, dated April 15, is received from a customer on account. The maturity value of the note is: Group of answer choices
$8,200
$8,800
$8,000
$8,125
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Allowance for Doubtful Accounts has a credit balance of $1,500 at the end of the year (before adjustment), and an analysis of customers' accounts indicates doubtful accounts of $17,900. Which of the following entries records the proper provision for doubtful accounts? Group of answer choices
debit Allowance for Doubtful Accounts, $16,400; credit Uncollectible Accounts Expense, $16,400
debit Allowance for Doubtful Accounts, $19,400; credit Uncollectible Accounts Expense, $19,400
debit Uncollectible Accounts Expense, $19,400; credit Allowance for Doubtful Accounts, $19,400
debit Uncollectible Accounts Expense, $16,400; credit Allowance for Doubtful Accounts, $16,400
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