Meeting_6.pdf (page 5 of 5)- Q Sear 3. Under the direct write-off method, the entry to write off an uncollectible account of $3,400 includes a: A) debit to Accounts Receivable for $3,400. B) credit to Uncollectible-Account Expense for $3,400. C) debit to Uncollectible-Account Expense for $3,400. D) debit to Allowance for Uncollectible Accounts for $3,400. 4. Company XYZ uses the aging method to adjust the allowance for uncollectible accounts at the end of the period. At December 31, the balance of accounts receivable is $200,000 and the allowance for uncollectible accounts has a credit balance of $4,000 (before adjustment). An analysis of the accounts receivable produces the following age groups: Current 000'091S 60 days past due $32,000 Over 60 days past due 0000 Based on past experience, Company XYZ estimates that the percentage of accounts that will be uncollectible within the three age groups is 4%, 10% and 21%, respectively. Based on these facts, the net receivables on the balance sheet on December 31 should be: A) $200,000 B) S192,720 C) S196,000 D) S188,720 some shit Green housing2 Microsoft 6.42.201... untitled folder MacBook Air

Meeting_6.pdf (page 5 of 5)- Q Sear 3. Under the direct write-off method, the entry to write off an uncollectible account of $3,400 includes a: A) debit to Accounts Receivable for $3,400. B) credit to Uncollectible-Account Expense for $3,400. C) debit to Uncollectible-Account Expense for $3,400. D) debit to Allowance for Uncollectible Accounts for $3,400. 4. Company XYZ uses the aging method to adjust the allowance for uncollectible accounts at the end of the period. At December 31, the balance of accounts receivable is $200,000 and the allowance for uncollectible accounts has a credit balance of $4,000 (before adjustment). An analysis of the accounts receivable produces the following age groups: Current 000'091S 60 days past due $32,000 Over 60 days past due 0000 Based on past experience, Company XYZ estimates that the percentage of accounts that will be uncollectible within the three age groups is 4%, 10% and 21%, respectively. Based on these facts, the net receivables on the balance sheet on December 31 should be: A) $200,000 B) S192,720 C) S196,000 D) S188,720 some shit Green housing2 Microsoft 6.42.201... untitled folder MacBook Air

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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