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What would be the adjusted balance of the allowance account

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Reference no: EM132957991

Problem 1: The allowance method requires

A) an estimated entry to Bad Debts Expense.

B) a known individual account to write off bad debts.

C) a known uncollectible amount to write off bad debts.

D) None of these answers is correct.

Problem 2: Gross Accounts Receivable is $57,000. Allowance for Doubtful Accounts as a credit balance of $900. Net credit sales for the year are $350,000. The company follows the balance sheet approach, using a rate of 5% of outstanding accounts receivable to estimate the Bad Debt Expense for the year. What would be the adjusted balance of the Allowance account under the balance sheet approach?

A) $2,850

B) $1,950

C) $17,500

D) $16,600

Reference no: EM132957991

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