JESTION 28 amount of accounts receivable that is actually expected to be collected is known as the present value of accounts receivable. uncollectible accounts expense. allowance for doubtful accounts. net realizable value. ck Save and Submit to sare and submit. Click Savezl Amsters to Sare all answers QUESTION 29 On January 1, Year 2, Kincaid Company's Accounts Receivable and the A Kincaid reported $72,500 of credit sales. Kincaid also wrote off $550 of rec estimates that it will be unable to collect one percent (1%) of credit sales. Kincaid's entry required to recognize the uncollectible accounts expense fo o decrease total assets and increase retained earnings. O decrease total assets and net income. o increase total assets and retained earnings. o increase total assets and decrease net income. Click Save and Submit to see and submit. Click Save All Answers to save all a or Doubtful Accounts carried balances of $31,000 and $500, respectively. During the year, as uncollectible in Year 2. Cash collections of receivables amounted to $74,550 Kincaid will: swers QUESTION 30 On January 1, Year 2, Kincaid Company's Accounts Receivable Kincaid reported $159,000 of credit sales. Kincaid also wrote off estimates that it will be unable to collect one percent (1%) of crec Kincaid's entry required to recognize the uncollectible accounts O decrease total assets and net income. o increase total assets and retained earnings o decrease total assets and increase retained earnings. increase total assets and decrease net income. Submit to save and submit Chek Save All Answers to Doubtful Accounts carried balances of $64,800 and $1,600, respectively. During the year, s as uncollectible in Year 2. Cash collections of receivables amounted to $173,500 Kincaid TS. QUESTION 31 Leonard Company paid freight costs to have goods shipped to one of its customers. What effect will these + Balance Sheet Income Statement Statement of Cash Flows Assets = Liabilities + Stockholders' Equity Revenue a. + n/a n/a n/a n b. nia n C. n d. nla O Option B O Option A Option D Option C Click Save and Submit to save and submit. Click Save All Answers to save all ansters