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 asset is acquired using a noninterest-bearing note payable for $100,000 due in two years. Management records the purchase with a debit to the asset for $100,000 and a credit to notes payable for $100,000.
Answers (1)
The new CFO thinks that inventories are excessive and could be lowered sufficiently to cause the current ratio to equal the industry average, 2.75, without affecting either sales or net income.
Answers (1)
A company uses a process cost accounting system and the FIFO inventory valuation method. Its Assembly Department's beginning inventory consisted of 50,000 units, three-fourths complete with respect to direct labor and overhead.
Answers (1)
A lack of the resources needed to go into producing goods and services is called what
Answers (1)
Sansa owns two investments, A and B, that have a combined value of $2000. Investment A is expected to make annual payments of $300 for 6 years, the expected return of 12% APR, and the first payment is expected later today.
Answers (1)
New Questions in Business
Paper Clip Company sells office supplies. The following information summarizes the company's operating activities for the year: Utilities for the store $ 10 comma 300 Sales commissions 10 comma 300 Sales revenue 164 comma 100 Purchases of
Answers (1)
If joe were to introduce himself as dr. early to sell to gensol, knowing that people would assume that he was a medical doctor, but never tell anyone that he was, would contracts entered into be considered to be fraudulent?
Answers (1)
Which of the following are reasons the aggregate demand curve is downward sloping? Check all that apply. 1) A higher price level decreases the real value of consumers' assets.
Answers (1)
If Gerry makes a deposit of $1,500 at the end of each quarter for five years, how much will he have at the end of the five years assuming a 12% annual return and quarterly compounding?
Answers (1)
Explain how globalization influence management
Answers (1)