The Maderite Furniture Company has an allowance for doubtful accounts account with a $300 debit balance. Net credit sales for the period were $160,000. An aging process shows that $5,400 of the accounts receivable probably will be uncollectible. In addition, Maderite Furniture believes that 4% of all net credit sales are uncollectible. The percent-of-sales method is used to account for uncollectibles. What is the amount of the adjusting entry to record bad-debt expense and what is the balance in allowance for doubtful accounts after the adjusting entry is made? OA. $6,400 and $6,700, respectively OB. $6,700 and $6,200, respectively OC. $6,400 and $6,100, respectively OD. $6,700 and $6,400, respectively

The Maderite Furniture Company has an allowance for doubtful accounts account with a $300 debit balance. Net credit sales for the period were $160,000. An aging process shows that $5,400 of the accounts receivable probably will be uncollectible. In addition, Maderite Furniture believes that 4% of all net credit sales are uncollectible. The percent-of-sales method is used to account for uncollectibles. What is the amount of the adjusting entry to record bad-debt expense and what is the balance in allowance for doubtful accounts after the adjusting entry is made? OA. $6,400 and $6,700, respectively OB. $6,700 and $6,200, respectively OC. $6,400 and $6,100, respectively OD. $6,700 and $6,400, respectively

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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