Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during the year, bears inc. recorded credit sales

During the year, Bears Inc. recorded credit sales of $670,000. Before...

80.2K

Verified Solution

Question

Accounting

image
During the year, Bears Inc. recorded credit sales of $670,000. Before adjustments at year-end, Bears has accounts receivable of $380,000, of which $52,000 is past due, and the allowance account had a credit balance of $3,000. Using the aging of receivables method, what would be the adjustment assuming Bears expects it will not collect 9% of the amount not yet past due and 22% of the amount past due? A Bad Debt Expense Allowance for Uncollectible Accounts B. Bad Debt Expense Allowance for Uncollectible Accounts C. Bad Debt Expense Allowance for Uncollectible Accounts D. Allowance for Uncollectible Accounts Bad Debt Expense 40,960 40,960 43,960 43,960 37,960 37,960 37,960 37,960 Multiple Choice Option A Option

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

2) At end of Day 1, I invest equal amounts of money in shares of company...

Civil Engineering
1.2K views

I need to write a literature review on nano-additives for concrete, with aspects on structure, properties...

Psychology
1.2K views

When and how did you become aware of people being treated differently because of race, culture,...

Biology
1.2K views

Without redox reactions NADH cannot unload its electrons and the process of will be shut...

Physics
1.2K views

Under the action of a force F y x j an external agent takes a...

Geometry
1.2K views

10 Select all the solutions to the equation In x ln 24 2x A 0...

Statistics
1.2K views

For the binomial distribution which formula finds the standard deviation Choose the correct answer below...

Accounting
1.2K views

Suppose Nike, Inc. reported the following plant assets and intangible assets for the year ended...

Accounting
1.2K views

v 1st January, 2021 Invested capital OMR 15,000 4th January, 2021 purchased Computer for OMR...

Accounting
1.2K views

Grixdale Tax Services prepares taxes for individuals. Grixdale offers a simplified pricing model with two...

Accounting
1.2K views

Early in its fiscal year ending December 31, 2024, San Antonio Outfitters finalized plans to...

Accounting
1.2K views

At July 31, Larkspur, Inc. has the following bank information: cash balance per bank $8,080,...