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Newton Company uses the allowance method of accounting for uncollectible accounts On May 3, the Newton Company wrote off the $3,000 uncollectible account of its
Newton Company uses the allowance method of accounting for uncollectible accounts On May 3, the Newton Company wrote off the $3,000 uncollectible account of its customer, P. Best. On July 10. Newton received a check for the full amount of $3,000 from Best. On July 10, the entry or entnies Newton makes to record the recovery of the bad debt is 45. Accounts Receivable -P. Best ,000 Alowance for Doubtful Aecounts Cash 3,000 Accounts Receivable-P. Best B. Cash Bad debts expense 3,000 C. Accounts Receivable-P. Best 3,000 Bad debts expense Cash 3,000 Accounts Receivable-P. Best D. Allowanoe for Doubtful Accounts Accounts Reoeivable-P. Best Accounts Receivable-P. Best 3,000 Cash 3,000 E. Cash 3,000 Accounts Receivable-P. Best 3,000 46. On December 31 of the current year, a company's unadjusted trial balance included the following Accounts Receivable, debit balance of $97,250; Allowance for Doubtful Accounts, credit balance of $951 , what amount should be debited to Bad Debts Expense, assuming 6% of outstanding accounts receivable at the end of the current year will be uncollectible? A. $951 B. $3,992. C. $4,884. D. $5,835, E. $6,786. 304
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