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Fairmount inc, uses the balance sheet approach in estimating uncollectible accounts expense. Its Allowance for Doubtful Accounts has a $3,200 crecit balance prior to adjusting

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Fairmount inc, uses the balance sheet approach in estimating uncollectible accounts expense. Its Allowance for Doubtful Accounts has a $3,200 crecit balance prior to adjusting entries. It has just completed an aging analysis of accounts recelvable at December 31, Year 1. This analysis disclosed the following information: What is the approptiate balance for Fairmount's Allowance for Doubtful Accounts at December 31 , Year 1 ? Multiple Choice $5,160 $3,560 Multiple Choice $5,160 $3,560 $3,200 $165,000

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