Wilton sells softball equipment. On November 14, they shipped $4,000 worth of softball uniforms to Paola Middle School terms 2/10, 1/30, On November 21, they received an order From Douglas High School for $2.400 worth of custom printed bats to be produced in December On November 30, Paola Middle School returned $400 of defective merchandise. Wilton has received no payments from either school as of month end. What amount will be recognized as accounts receivable, net on the balance sheet as of November 307 a $6,400 b. $6.000 c. $4,000 d. $3,600 29. The Allowance for Doubtful Accounts is necessary because a. when recording uncollectible accounts expense, it is not possible to know which specific accounts will not pay. b. uncollectible accounts that are written off must be accumulated in a separate account. c. a liability results when a credit sale is made. d. management needs to accumulate all the credit losses over the years. 30. Under the allowance method, Bad Debt Expense is recorded a. when an individual account is written off. b. when the loss amount is known. C. for an amount that the company estimates it will not collect. d. several times during the accounting period. 31. The expense recognition principle a. requires that all credit losses be recorded when an individual customer cannot pay. b. necessitates the recording of an estimated amount for bad debts. C. results in the recording of a known amount for bad debt losses. d. is not involved in the decision of when to expense a credit loss. 32. If a company fails to record estimated bad debts expense, a. cash realizable value is understated. b. expenses are understated. C. revenues are understated. d. receivables are understated. 33. Leary Corporation had net credit sales during the year of $1,200,000 and cost of goods sold of $720,000. The balance in accounts receivable at the beginning of the year was $120,000 and at the end of the year was $180,000. What was the accounts receivable turnover? a. 8.0 b. 10.0 C. 6.7 d. 4.8