Balance in allowance for the uncollectible accounts, Accounting Basics

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Balance in allowance for the uncollectible accounts

Bigg and Talle Corporation uses the percentage-of-sales method to estimate uncollectibles. Net credit sales for the current year amount to $5,000,000 and management estimates 2% will be uncollectible. Allowance for Doubtful Accounts prior to adjustment has a credit balance of $16,000. After all necessary adjusting entries are made, the balance in Allowance for Uncollectible Accounts will be:

A. $116,000.

B. $100,000.

C. $ 84,000.

D. $ 16,000.

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Accounting Basics: Balance in allowance for the uncollectible accounts

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Accounting Basics: Balance in allowance for the uncollectible accounts

Reference No:- TGS048544

Have a Question? (oR Write a Review)

Recent Questions Asked Accounting Basics

Q : What is the new debt ratio

Q : Bank reconciliation are primarily

Q : What is anthony''s break-even point in units

Q : How much cash required to replenish the fund

Q : Balance in allowance for the uncollectible accounts

Q : How much of $26,000 is included in chipper''s gross income

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Q : Prepare the journal entry for the two transactions

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Request for Solution File

Ask an Expert for Answer!!

Accounting Basics: Balance in allowance for the uncollectible accounts

Reference No:- TGS048544

Recent Questions Asked Accounting Basics

Q : What is the new debt ratio

Q : Bank reconciliation are primarily

Q : What is anthony''s break-even point in units

Q : How much cash required to replenish the fund

Q : Balance in allowance for the uncollectible accounts

Q : How much of $26,000 is included in chipper''s gross income

Q : Determine how much inventory to purchase

Q : Gross profit using the average-cost method

Q : Prepare the journal entry for the two transactions

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