Jefferson uses the percent of sales method of estimating uncollectible expenses. Based on past history, 2% of credit sales are expected to be uncollectible. Sales for the current year are $5,550,000. Which of the following is correct regarding the entry to record estimated uncollectible receivables? Question 23 Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates that 3% of net credit sales will be uncollectible. On January 1, the Allowance for Doubtful Accounts had a credit balance of $2,400. During the year, Abbott wrote off accounts receivable totaling $1,800 and made credit sales of $100,000. There were no sales returns or sales discounts during the year. After the adjusting entry, the December 31, balance in the Bad Debt Expense will be a. $1,200 b. $3,600 c. $7,200 d. $3,000 2 points Question 24 When referring to a note receivable or promissory note a. the note cannot be factored to another party b. the maker is the party to whom the money is due c. the note is not considered a formal credit instrument d. the note may be used to settle an accounts receivable a. Bad Debt Expense will be credited b. Allowance for Doubtful Accounts will be credited c. Cash will be debited d. Accounts Receivable will be debited Question 18 At the beginning of the year, the balance in Allowance for Doubtful Accounts is a credit of $760. During the year, $120 of previously written off accounts are reinstated and accounts totaling $740 are written-off as uncollectible. The end-of-
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