nnect Internet Explorer Exam I Chapters 6 to 8 Help Save & Exit Submit Oceanside

Question

nnect Internet Explorer Exam I Chapters 6 to 8 Help Save & Exit Submit Oceanside Company uses the balance sheet approach in estimating uncollectible accounts expense. Its Allowance for Doubtfu Accounts has a $1.700 credit balance prior to adjusting entries. It has just completed an aging analysis of accounts receivable at December 31, 2018. This analysis disclosed the following information Age Percentage Group Considered Total collectible poets otssoNot yet due 13 1-30 days past due 31-60 past due 62,000 $32,000 $18, 000 What is the appropriate balance for Oceanside's Allowance for Doubtful Accounts at December 31, 2018? Multiple Choice $2.620. 1.340 $48.000 $112.000

Explanation / Answer

Allowance for Doubtful Accounts = ($62,000 x 1%) + ($32,000 x 4%) + ($18,000 x 4%)

.....................................................= $620 + $1,280 + $720

.....................................................= $2,620

Related Questions

Navigate

• Browse (All)
• Browse N
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.