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7) Mora company reported an allowance for doubtful accounts 16000 (credit) at 12/31/20, before adjustments. at the end of the year, the company reports accounts receivable of 800,000. 3% of which is estimated to be uncollectible. The adjusting entry required at 12/31/20 would include: A Debit: Allowance for Doubtful accounts of 8000 B Credit: Allowance for doubtful accounts: 16000 C Debit: Doubtful account expense of 8000 D Debit: Uncollectible Account Expense: 24000

7) Mora company reported an allowance for doubtful accounts 16000 (credit) at 12/31/20, before adjustments. at the end of the year, the company reports accounts receivable of 800,000. 3% of which is estimated to be uncollectible. The adjusting entry required at 12/31/20 would include: A Debit: Allowance for Doubtful accounts of 8000 B Credit: Allowance for doubtful accounts: 16000 C Debit: Doubtful account expense of 8000 D Debit: Uncollectible Account Expense: 24000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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7) Mora company reported an allowance for doubtful accounts 16000 (credit) at 12/31/20, before adjustments. at the end of the year, the company reports accounts receivable of 800,000. 3% of which is estimated to be uncollectible. The adjusting entry required at 12/31/20 would include: A Debit: Allowance for Doubtful accounts of 8000 B Credit: Allowance for doubtful accounts: 16000 C Debit: Doubtful account expense of 8000 D Debit: Uncollectible Account Expense: 24000
Transcribed Image Text:7) Mora company reported an allowance for doubtful accounts 16000 (credit) at 12/31/20, before adjustments. at the end of the year, the company reports accounts receivable of 800,000. 3% of which is estimated to be uncollectible. The adjusting entry required at 12/31/20 would include: A Debit: Allowance for Doubtful accounts of 8000 B Credit: Allowance for doubtful accounts: 16000 C Debit: Doubtful account expense of 8000 D Debit: Uncollectible Account Expense: 24000
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