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Alicia Corporation was established on 1/1/20x1. During 20x1, the company experienced the following:
credit sales $100,000
collections on credit sales $60,000
aging analysis of accounts deemed uncollectible at 12/31/20x1 shows $8,000 of potentially uncollectible accounts
Problem 1: What is the balance of Alicia's net accounts receivable on January 1, 20x2?
a. $100,000
b. $32,000
c. $92,000
d. $40,000
Problem 2: Assuming that Alicia uses the aging approach to estimate uncollectible accounts, what is the amount of bad debt expense for 20x1?
a. $8,000
b. $12,000
c. $9,000
d. $7,000
Which of the following is a method used to account for uncollectible accounts? Direct write-off method Allowance method Bad debts expense method Installment method Both A and B above
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