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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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