December 31, Year 1, the Loudoun Corporation estimated that 3% of its credit sales of $112,500 would be uncollectible. Loudoun uses the allowance me On thod of accounting for uncollectible accounts. In February of Year 2, f Loudoun's customers failed to pay his $1,050 account and the account was written off On April 4. Year 2 this customer paid Loudoun the $1,050 Which of the following answers correctly the customer's account? states the effect of Loudoun Company's February Year 2 entry to write off Assets = Liab.+Equity Rev. - Expenses = Net Inc. Cash Flow A. NA = NA + NA NA - NA = NA NA NA B. (1,050) = NA + (1,050) (1,050) - NA = (1,050) NA c. (1,050) = (1,050) + NA NA-NA=NA NA D. NA = (1,050) + (1,050) NA - (1,050) - (1,050) NA.
1. Option C
2. Option B
3. Option D
4. Option A
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “December 31, Year 1, the Loudoun Corporation estimated that 3% of its credit sales of $112,500 would be uncollectible. Loudoun uses the ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
An account is said to have a debit balance if a) its normal balance is debit without regard to the amounts or number of entries on the debit side. b) the footing of the debits exceeds the footing of the credits.
Answers (1)
Small businesses must hire professional finance managers to manage their income and expenses. True or False
Answers (2)
According to the video, what qualities, skills, and abilities do workers in this career cluster need? Check all that apply.
Answers (1)
Suppose the observed annual quantity of steel exchanged in the European market is 30 million metric tons, and the observed market price is 90 euros per ton. If the price elasticity of demand for steel is - 0.
Answers (1)
Identify which of the following statements is true. A. A corporation is a separate taxpaying entity that must file a tax return annually. B. A newly formed corporation must select its basic accounting method. C.
Answers (1)
New Questions in Business
In the cost reconciliation report under the weighted-average method, the "Total cost accounted for" equals: A) Cost of beginning work in process inventory Cost of units transferred out B) Cost of beginning work in process inventory Cost of units
Answers (1)
Ted told Bob, the owner of Bob's Travel Agency that, unless Bob bought 10,000 worth of advertising from him, Ted will circulate false stories in the community that Bob had stolen clients' deposits.
Answers (1)
Which is not a reason for allocating internal costs to cost objects? Managers should be charged for benefits received by departments (or products) under their control To determine the amount to be reimbursed under a cost-reimbursement contract To
Answers (1)
Organizational core values are the answer to which of the following questions? How do we accomplish our goals? Which of the value chain activities are primary? What is the value added to a good or service at each step in the production?
Answers (1)
A company borrows $38,000 with 7% interest on october 1, 2018. this amount plus interest is due on september 30, 2019. record the adjusting entry on december 31, 2018.
Answers (1)