Multiple Choice. For each question, circle the most correct answer. (5 points each)
Winston Engineering Services had a balance of $8,600 in the Allowance for Uncollectible
Accounts at the beginning of its 2003 fiscal year.
The firm did not make any adjusting entries to
record uncollectible accounts expense during the year.
At the end of the year, the firm recorded
$3,680 of Uncollectible Accounts Expense based upon the following aging analysis:
over 60 days
What were total write-offs for the year?
None of the above.
The beginning balances in Accounts Receivable and the Allowance for Uncollectible Accounts
$250,000 and $15,000, respectively. The ending balance in Accounts Receivable is $
270,000, and an aging analysis estimates that $16,000 of that amount will not be collected. For
the year, credit sales were $1,000,000, and bad debt expense was $40,000. What were the amount
of accounts receivable written off and the amount of cash collected from customers, respectively,
during the year?