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TB MC Qu. 07-68 (Static) On December 31, Year 1, the...

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Accounting

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TB MC Qu. 07-68 (Static) On December 31, Year 1, the Loudoun Corporation... On December 31, Year 1, the Loudoun Corporation estimated that 3% of its credit sales of $112. 500 would be uncolectible. Loudoun uses the allowance rhethod. On February 15, Year 2, one of Loudoun's customers falled to pay his $1,050 account and the account was wilten oft On Aptil4, Year 2, this customer paid Loudoun the $1,050 Which of the following conrectly states the effect of Loudoun Compony writing off the custoner's account

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