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Dennis_Churaev [7]
3 years ago
8

Using the income statement method for accounting for uncollectible accounts, a company estimates that 2.5% of credit sales will

eventually become uncollectible. If credit sales during the year are $400,000 and accounts receivable at the end of the year are $80,000, the adjustment for estimated uncollectible accounts will require
a: Credit to Accounts Receivable for $2,000.
b. Debit to Bad Debt Expense for $10,000.
c. Debit to Allowance for Uncollectible Accounts for $10,000.
d. Credit to Bad Debt Expense for $8,000.
Business
1 answer:
Digiron [165]3 years ago
7 0

Answer:

the adjustment for estimated uncollectible accounts will require

b. Debit to Bad Debt Expense for $10,000.

Explanation:

There are two primary methods for estimating bad-debt expense. The first is an income-statement approach that measures bad debt as a percentage of sales.

Accout receivable at the end_ 80000

Credit sales_______________400000

 

Estimate________________ 2,50%

Debit bas debt expense______10000

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Answer:

the present value of the bond is $16.67

Explanation:

given data

time NPER = 12 year = 12 × 2 = 24 semi annual

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solution

we will apply here formula for current value in excel as given below

-PV(Rate;NPER;PMT;FV;type)    .............1

put here value as

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the present value of the bond is $16.67

4 0
3 years ago
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Answer:

President Richard NIxon

Explanation:

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According to maslow, what is a need?<br><br> not what are the needs but what IS a need?
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Prepared journal, prepared t account, prepared trial ballance
Juliette [100K]

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<h3 /><h3>What is Accounting?</h3>

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