After year-end adjustment, the uncollectible accounts expens
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For the year ended December 31, 2004, Colt Co. estimated its allowance for uncollectible accounts using the year-end aging of accounts receivable. The following data are available:
Allowance for uncollectible accounts, 1/1/04 $51,000
Provision for uncollectible accounts during 2004
(2% on credit sales of $2,000,000) 40,000
Uncollectible accounts written off, 11/30/04 44,000
Estimated uncollectible accounts per aging, 12/31/04 74,000
After year-end adjustment, the uncollectible accounts expense for 2004 should be
a. $44,000.
b. $55,000.
c. $74,000.
d. $67,000.
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Answers a conceptual question on the uncollectible accounts expense after year-end adjustment.
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