Business, 03.03.2020 06:05 jess6142

On December 31, Year 1, the Loudoun Corporation estimated that 3% of its credit sales of $112,500 would be uncollectible. Loudoun uses the allowance method of accounting for uncollectible accounts. In February of Year 2, one of Loudoun's customers failed to pay his $1,050 account and the account was written off. On April 4, Year 2, this customer paid Loudoun the $1,050.
Which of the following answers correctly states the effect of the December 31, Year 1 adjusting entry for uncollectible accounts on the financial statements of the Loudoun Corporation?

Assets = Liab. + Equity Rev. − Expenses = Net Inc. Cash Flow
A. (3,375) = 3,375 + NA NA − NA = NA NA
B. (3,375) = NA + (3,375) NA − 3,375 = (3,375) NA
C. 3,375 = NA + 3,375 NA − (3,375) = 3,375 3,375 OA
D. NA = NA + NA NA − NA = NA NA

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On December 31, Year 1, the Loudoun Corporation estimated that 3% of its credit sales of $112,500 wo...

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