On December 31, Year 1, the Loudoun Corporation estimated that 3% of its credit sales of $112,500 would be uncollectible Loudoun uses the allowance method of accounting for uncollectible accounts. In February of Year 2, one of Loudoun's customers failed to pay his $1,050 account and the account was written off On April 4, Year 2, this customer paid Loudoun the $1,050 Which of the following answers correctly states the effect of Loudoun's recording the reestablishment of the receivable on April 4, Year 2? NA - 1,050 (1,056 NA 1,050 (1,050) NA +1,050 1,050 NA NA NA1,e50 1,050 OA (1,050) B. 1,850 c. (1,050)NA (1,050) 1,050 NA NA NA+ NA NA NA Multiple Choice Option A Option D On December 31, Year 1, the Loudoun Corporation estimated that 3% of its credit sales of $112,500 would be uncollectible allowance method of accounting for uncollectible accounts. In February of Year 2, one of Loudoun's customers failed to pay his $1,050 account and the account was written off. On April 4, Year 2, this customer paid Loudoun the $1,050 n uses the Which of the following answers correctly states the effect of the December 31, Year 1 adjusting entry for uncollectible accounts on the financial statements of the Loudoun Corporation? NA B. (3,375) NA + (3,375) NA NA NA NA NA (3,375) A. (3,375) 3,375 NA 3,375 3,375 NA 3,375 NA(3,375) 3,375 3,375 0A NA NA NA NA Option D