Multiple Choice
On December 31,2016,prior to adjustments,Accounts Receivable has a debit balance of $356,000 and the Allowance for Doubtful Accounts has a credit balance of $1,200.The firm estimates its losses from uncollectible accounts to be 4% of accounts receivable at the end of the year.The amount of the adjusting entry needed to record the estimated losses from uncollectible accounts is:
A) $13,040
B) $14,240
C) $15,440
D) $17,800
Correct Answer:
Verified
Correct Answer:
Verified
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