Multiple Choice Question 97 A company has total accounts receivable of $501000 f

Question

Multiple Choice Question 97

A company has total accounts receivable of $501000 for the year and it estimates that uncollectible accounts will be 3% of accounts receivable. If Allowance for Doubtful Accounts has a credit balance of $2000 prior to adjustment, its balance after adjustment will be a credit of

Multiple Choice Question 101

During 2018, Coronado Inc. had sales on account of $196000, cash sales of $81500, and collections on account of $125300. In addition, they collected $2180 which had been written off as uncollectible in 2017. As a result of these transactions, the change in the accounts receivable balance indicates a

$150020 increase.

$70700 increase.

$152200 increase.

$68520 increase.

Explanation / Answer

97 Allowance for Doubtful Accounts balance after adjustment=501000*3%= $15030 101 Change in the accounts receivable=196000-125300= $70700 increase

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