Estimated losses from uncollectible accounts, Accounting Basics

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Estimated losses from uncollectible accounts

On December 31, prior to adjustments, the balance of Accounts Receivable is $16,000 and Allowance for Doubtful Accounts has a credit balance of $95. The firm estimates its losses from uncollectible accounts to be 5% of accounts receivable at the end of the year. The adjusting entry needed to record the estimated losses from uncollectible accounts is made for:

A) $705.

B) $800.

C) $895.

D) $95.

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Accounting Basics: Estimated losses from uncollectible accounts

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Accounting Basics: Estimated losses from uncollectible accounts

Reference No:- TGS040312

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

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Q : Record the estimated losses from uncollectible accounts

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Estimated losses from uncollectible accounts

Reference No:- TGS040312

Recent Questions Asked Accounting Basics

Q : Prepare the necessary journal entries

Q : Compute the equivalent units of production for refining

Q : Bank reconciliation statement problem

Q : Compute the cost per unit

Q : Estimated losses from uncollectible accounts

Q : What rate of return does japanese firm earn on investment

Q : How much overhead cost should be assigned

Q : Record the estimated losses from uncollectible accounts

Q : Explain decreasing returns to capital and returns to labor

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