Cornelius Company had the following information in 2014. Accounts receivable 12/31/14..11,000 Allowance for uncollectible account 12/31/14 (before adjustment).900 Credit sales during 2014.47,000 Cash sales during
Cornelius Company had the following information in 2014.
Accounts receivable 12/31/14…………………………………………………………..11,000
Allowance for uncollectible account 12/31/14 (before adjustment)……….900
Credit sales during 2014…………………………………………………………………….47,000
Cash sales during 2014…………………………………………………………………..….11,000
Collections from customers on account during 2014………………………..46,000
If uncollectible accounts are determined by the aging-of-receivables method to be $1,150 the uncollectible account expense for 2014 would be $250. The balance of the Allowance account after the adjusting entry would be
a. $250.
b. $900.
c. $1,150.
d. $2,050.
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Fundamentals of Corporate Finance
Authors: Berk, DeMarzo, Harford
2nd edition
132148234, 978-0132148238
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