On December 31, Year 1, the Loudoun Corporation estimated that 3% of its credit sales of $112,500 would be uncollectible. Loudoun uses the allowance method of accounting for uncollectible accounts. In February of Year 2, one of Loudoun's customers failed to pay his $1,050 account and the account was written off. On April 4, Year 2, this customer paid Loudoun the $1,050.
Which of the following answers correctly states the effect of the December 31, Year 1 adjusting entry for uncollectible accounts on the financial statements of the Loudoun Corporation?
Assets = Liab. + Equity Rev. − Expenses = Net Inc. Cash Flow
A. (3,375) = 3,375 + NA NA − NA = NA NA
B. (3,375) = NA + (3,375) NA − 3,375 = (3,375) NA
C. 3,375 = NA + 3,375 NA − (3,375) = 3,375 3,375 OA
D. NA = NA + NA NA − NA = NA NA
Answers: 1
Business, 22.06.2019 21:30, sergiom6185
Russell's study compared gpa of those students who volunteered for academic study skills training and those who did not elect to take the training. he found that those who had the training also had higher gpa. with which validity threat should russell be most concerned?
Answers: 2
Business, 23.06.2019 01:30, danielweldon1234
Young owners of a sole proprietorship will likely not find financial support available from?
Answers: 2
Business, 23.06.2019 11:30, finedock
During the interview process with both companies, justin learns something about a new product that big box co. is producing that will directly compete with hope springs. because justin learned about the ethics of and what is unethical, he will not share this information during his interview with hope springs.
Answers: 2
On December 31, Year 1, the Loudoun Corporation estimated that 3% of its credit sales of $112,500 wo...
Mathematics, 26.02.2021 14:40
Mathematics, 26.02.2021 14:40
Mathematics, 26.02.2021 14:40
Mathematics, 26.02.2021 14:40
Mathematics, 26.02.2021 14:40