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Problem 1: Credit sales during the year were $300,000, the Allowance for Uncollectible Accounts had a beginning of year balance of $2,500 credit, accounts written off during the year were $2,200. It is estimated that 2.1% of all credit sales are eventually uncollectible. What is the Uncollectible Accounts Expense?
Option 1: The Uncollectible Accounts Expense should be $6,600.Option 2: The Uncollectible Accounts Expense should be $6,300.Option 3: The Uncollectible Accounts Expense should be $8,500.Option 4: None of these.Option 5: The Uncollectible Accounts Expense should be $8,800.
Problem 2: Using the direct write-off method for accounting for uncollectible accounts is not preferred by GAAP because it violates which accounting principle?
Option 1: Cost principleOption 2: Matching principleOption 3: Revenue recognition principleOption 4: Objectivity principle
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