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The Miller Company earned $123,000 of revenue on account during Year 2. There was no beginning balance in the accounts receivable and allowance...

The Miller Company earned $123,000 of revenue on account during Year 2. There was no beginning balance in the accounts receivable and allowance accounts. During Year 2, Miller collected $82,000 of cash from its receivables accounts. The company estimates that it will be unable to collect 3% of its sales on account.

 

The amount of uncollectible accounts expense recognized on the Year 2 income statement was:

Multiple Choice

  • $2,460.
  • $3,690.
  • $41,000.
  • $1,230.

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