best definition of a contra-account? t is the 2) Wha n An account that acts the opposite of a normal account t b. An expense account that reduces earnings C An accou d. All of the above nt that does not follow Generally Accepted Accounting Principles following chart what is the total amount of uncollectible accounts? 24) Based on the Cash Sales: $75,000 Credit Sales: $200,000 Expected Uncollectible Accounts: 12% a. $12,000 b. $36,000 C. $18,000 d. $24,000 25) Based on the following chart what is the total amount of uncollectible accounts? Uncollectible BalancePercentage Current 1-30 Days Past Due 31-90 90+ Days Past Due 5,000 12,500 31,000 5,000 1% 2% 10% 50% Past Due Totals 53,500 63% a. $22,500 b. $33,709 c. $12,300 d. $5,900 26) What is the cost of goods sold assuming the FIFO method of costing? Beginning Inventory $175 Purchase 1 $220 Purchase 2 $200 Purchase 3 $150 a. $150 b. $175 $200 d. $220 27) Which of the following is a cost method for inventory? a. First In First Out b. Last In First Out c. Weighted Average d. All of the Above