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Al the beginning of 2014, Mark's sales had the following ledger balances During the year there were $450,000 of credit sales, $450,000 of collections, and $3,700 of write-offs. At the end of the year. Mark's adjusted for uncollectible account expense using the percent-of-sales method, and applied a rate, based on past history, of 1.2%. At the end of the year, what was the balance in the Allowance account? $2,300 $2,700 $6,400 $1,700 A company has significant uncollectible receivables. Why is the direct write-off method unacceptable? Direct write-offs would be immaterial. Assets will be understated on the balance sheet. It is not allowed for tax reasons. It violates the matching principle. What is the maturity value of a 3-month, 12% note for $20.000? $20,600 $20,000 $21,200 $22,400