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AnnZ [28]
3 years ago
10

The balance of the Allowance for Doubtful Accounts account at January1 of the current year was $6,800. During the year, accounts

receivable in the amount of $9,000 were written off. Estimated uncollectible accounts expense using the percentage-of-sales basis for the year amounts to $7,200. The balance of the Allowance for Doubtful Accounts account to be reported on the balance sheet at year-end is
(A) $7,200.
(B) $5,000.
(C) $14,000.
(D) $8,600.
Business
1 answer:
Stella [2.4K]3 years ago
7 0

Answer:

Given:

Accounts receivable = $9,000

Allowance for Doubtful Accounts (current year) = $6,800

Estimated uncollected accounts expense = $7,200

The balance of the Allowance for Doubtful Accounts to be reported on the balance sheet at year-end can be computed as:

Allowance for Doubtful Accounts (at year end) = Allowance for Doubtful Accounts (current year) + Estimated uncollected accounts expense - Accounts receivable

Allowance for Doubtful Accounts (at year end) =  $6,800 + $7,200 - $9,000

Allowance for Doubtful Accounts (at year end) =  $5,000

∴ <em><u>The balance of the Allowance for Doubtful Accounts to be reported on the balance sheet at year-end is $5,000.</u></em>

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