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Haven Corps management estimates that 1% of sales will be uncollectible. For the year, Sales are $2,000,000. At the end of the period, Accounts receivable
Haven Corps management estimates that 1% of sales will be uncollectible. For the year, Sales are $2,000,000. At the end of the period, Accounts receivable shows a $70,000 debit balance, while the unadjusted balance in Allowance for uncollectible accounts is a 3,000 debit. After adjustment, what will Haven report for the net book value of Accounts receivable?
A. 53,000
B. 47,000
C. 50,000
D. 87,000
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