Marr Co. had the following sales and accounts receivable balances, prior to any adjustments at year-end: Credit sales $10,000,000 Accounts receivable 3,000,000 Allowance for uncollectible accounts 50,000 Marr uses 3% of accounts receivable to determine its allowance for uncollectible accounts at year-end. By what amount should Marr adjust its allowance for uncollectible accounts at year-end? O $0 $40,000 $ 90,000 $140,000

Marr Co. had the following sales and accounts receivable balances, prior to any adjustments at year-end: Credit sales $10,000,000 Accounts receivable 3,000,000 Allowance for uncollectible accounts 50,000 Marr uses 3% of accounts receivable to determine its allowance for uncollectible accounts at year-end. By what amount should Marr adjust its allowance for uncollectible accounts at year-end? O $0 $40,000 $ 90,000 $140,000

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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