Essay
Assume that part of accounts and other receivables on Thompson Toys' balance sheet is $16 million and that Thompson estimates its uncollectible accounts as 2 percent of all accounts receivable.Record the adjusting entry assuming that the company uses the accounts receivable aging method to recognize uncollectible accounts if the Allowance for Uncollectible Accounts has a balance of:
a.$104,000 credit
b.$46,000 debit
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Correct Answer:
Verified
*($16,000,000 x .02...
View Answer
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