Question 71 2 pts The accounts receivable balance after posting net collections from customers for 2010 for Mix Corp. is $100,000. The customers took advantage of sales discounts of $11,000 and returned $4,000 of merchandise on account. Management feels that approximately 2% of its accounts receivable will be uncollectible. The net realizable value of the accounts receivable is $85,000 $83,000 $89,000 $98,000 D Question 72 2 pts Beginning accounts receivable were $50,000 and ending accounts receivable were $70,000 $300,000 cash was collected from customer credit sales. Calculate the amount of sales on account during the period. $370,000 $320,000 $350,000 $280,000 Question 69 2 pts If a company uses the allowance method of accounting for bad debts, which one of the following statements is true? It violates the matching principle It will report accounts receivable in the balance sheet at their net realizable value It will reduce the accounts receivable at the end of the accounting period for estimated uncollectible accounts It will record bad debts only when an account is determined to be uncollectible Question 70 2 pts If a company uses the allowance method to account for bad debts, when will the company's owners' equity decrease? At the date a customer's account is written off At the end of the accounting period when an adjusting entry for bad debts is recorded When the accounts receivable amount becomes past due At the date a customer's account is determined to be uncollectible