Oak St. Store has $500,000 in Accounts Receivable on December 31, 2018. Oak St. estimates...
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Accounting
Oak St. Store has $500,000 in Accounts Receivable on December 31, 2018. Oak St. estimates uncollectible accounts to be 5% of Accounts Receivable. Select the correct adjustment for uncollectible accounts if Oak St. Store has a $1,000 debitbalance in Allowance for Uncollectible Accounts before adjusting entries at December 21, 2018.
Question 14 options:
| Debit Bad Debt Expense $25,000 Credit Allowance for Uncollectible Accounts $25,000 | |
| Debit Bad Debt Expense $26,000 Credit Allowance for Uncollectible Accounts $26,000 | |
| Debit Accounts Receivable $25,000 Credit Allowance for Uncollectible Accounts $25,000 | |
| Debit Allowance for Uncollectible Accounts $26,000 Credit Bad Debt Expense $26,000 |
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