Time: 5b minutes, 22 seconds. Question Completion Status: QUESTION 21 if the estimate of uncollectible accounts at the end of the current year is too high, which of the following is true in the following year? The balance of Allowance for Uncollectible Accounts will be a credit prior to its year-end adjustment. Cash collections from customers will be greater than expected. The amount reported for Bad Debt Expense will be less than the ending balance of Allowance for Uncollectible Accounts after its year end adjustment All of the other answers are true in the following year. OOOO QUESTION 22 The purpose of recording an allowance for uncollectible accounts is to: Report accounts receivable at the net amount of cash expected to be collected Report net sales conservatively, Report accounts receivable for the total amount of sales in the period. Record the sales returns and allowances. QUESTION 23 At the end of 2021, Murray State Lenders had a balance in its Allowance for Uncollectible Accounts of $4,500 (credit) before any adjustment. The company estimated its future uncollectible accounts to be $12,000 using the percentage-of-receivables method Murray State's adjustment on December 31, 2021, to record its estimated uncollectible accounts included a: Credit to Allowance for Uncollectible Accounts of $12,000 Debit to Bad Debt Expense of $7,500, credit to Allowance for Uncollectible Accounts of $7,500. Credit to Bad Debt Expense of $7,500. Debit to Allowance for Uncollectible Accounts of $7,500 Save Al Al Click Save and Submit to save and submit. Click Save All Answers to save all anders emaining Time: 56 minutes, 08 seconds. question Completion Status: QUESTION 23 At the end of 2021, Murray State Lenders had a balance in its Allowance for Uncollectible Accounts of $4,500 (credit) before any adjustment. The company estimated its future uncollectible accounts to be $12,000 using the percentage-of-receivables method. Murray State's adjustment on December 31, 2021, to record its estimated uncollectible accounts included a: Credit to Allowance for Uncollectible Accounts of $12,000, Debit to Bad Debt Expense of $7,500 credit to Allowance for Uncollectible Accounts of $7,500. Credit to Bad Debt Expense of $7,500 Debit to Allowance for Uncollectible Accounts of $7,500 QUESTION 24 Tom's Textiles shipped the wrong material to a customer, who refused to accept the order. This is an example of a Sales discount. Sales allowance Sales revenue Sales return QUESTION 25 Under the direct write-off method, what adjustment is made at the end of the year to account for possible future bad debts? Debit Bad Debt Expense. Credit Accounts Receivable. Debit Allowance for Uncollectible Accounts No adjustment is made. Click Save and Submit to save and subunit. Click Save All Answers to save all aruncers Sive All Ans