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Abbott Company uses the allowance method of accounting for uncollectible receivables. Abbott estimates that 3% of credit sales will be uncollectible. On January 1, Allowance for Doubtful Accounts had a credit balance of $3,300. During the year, Abbott wrote off accounts receivable totaling $2,100 and made credit sales of $113,000. After the adjusting entry, the December 31 balance in Bad Debt Expense will be .... a. 3300 b. 3390 c. 4590 d. 6690

Abbott Company uses the allowance method of accounting for uncollectible receivables. Abbott estimates that 3% of credit sales will be uncollectible. On January 1, Allowance for Doubtful Accounts had a credit balance of $3,300. During the year, Abbott wrote off accounts receivable totaling $2,100 and made credit sales of $113,000. After the adjusting entry, the December 31 balance in Bad Debt Expense will be .... a. 3300 b. 3390 c. 4590 d. 6690

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 2CE: Tonis Tech Shop has total credit sales for the year of 170,000 and estimates that 3% of its credit...
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Abbott Company uses the allowance method of accounting for uncollectible receivables. Abbott estimates that 3% of credit sales will be uncollectible. On January 1, Allowance for Doubtful Accounts had a credit balance of $3,300. During the year, Abbott wrote off accounts receivable totaling $2,100 and made credit sales of $113,000. After the adjusting entry, the December 31 balance in Bad Debt Expense will be ....

a. 3300

b. 3390

c. 4590

d. 6690

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