1) Allowance for Doubtful Accounts has an unadjusted balance of $500 at the end of the year,...
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Question:
1) Allowance for Doubtful Accounts has an unadjusted balance of $500 at the end of the year, and uncollectible accounts expense is estimated at 1% of net sales. If net sales are $900,000, the amount of the adjustment to record the provision for doubtful accounts is:
a) $9,500
b) $500
c) $8,500
d) $9,000
2) Allowance for Doubtful Accounts has an unadjusted balance of $400 at the end of the year, and uncollectible accounts expense is estimated at 1% of net sales. If net sales are $300,000, the amount of the adjustment to record the provision for doubtful accounts is:
a) $3,000
b) $3,400
c) $400
d) $2,600
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