The following information is from the records of Chicago Photography: $$\begin{array} { | l | l | }
\hline
\text { Accounts Receivable, December 31,2019 } & \$ 24,000 \text { (debit) }\
\hline\text { Allowance for Bad Debts, December 31,2019 }
\
\text { prior to adjustment } & 700 \text { (debit) } \
\hline \text { Net credit sales for 2019 } & 91,000 \
\hline \text { Accounts written off as uncollectible during } & \
2019 & 400 \
\hline
\end{array}$$ Bad debts expense is estimated by the aging-of-receivables method.Management estimates that $2950 of accounts receivable will be uncollectible.Calculate the amount of net accounts receivable after the adjustment for bad debts.
A) $21,750
B) $21,050
C) $20,350
D) $19,950

Question

The following information is from the records of Chicago Photography: $$\begin{array} { | l | l | } 
\hline
\text { Accounts Receivable, December 31,2019 }  & \$ 24,000 \text { (debit) }\
\hline\text { Allowance for Bad Debts, December 31,2019 }
 \
\text { prior to adjustment } & 700 \text { (debit) } \
\hline \text { Net credit sales for 2019 } & 91,000 \
\hline \text { Accounts written off as uncollectible during } & \
2019 & 400 \
\hline
\end{array}$$ Bad debts expense is estimated by the aging-of-receivables method.Management estimates that $2950 of accounts receivable will be uncollectible.Calculate the amount of net accounts receivable after the adjustment for bad debts.
A) $21,750
B) $21,050
C) $20,350
D) $19,950

Quizplus · Accepted Answer

The Answer of The following information is from the records of Chicago Photography: $$\begin{array} { | l | l | } 
\hline
\text { Accounts Receivable, December 31,2019 }  & \$ 24,000 \text { (debit) }\
\hline\text { Allowance for Bad Debts, December 31,2019 }
 \
\text { prior to adjustment } & 700 \text { (debit) } \
\hline \text { Net credit sales for 2019 } & 91,000 \
\hline \text { Accounts written off as uncollectible during } & \
2019 & 400 \
\hline
\end{array}$$ Bad debts expense is estimated by the aging-of-receivables method.Management estimates that $2950 of accounts receivable will be uncollectible.Calculate the amount of net accounts receivable after the adjustment for bad debts.
A) $21,750
B) $21,050
C) $20,350
D) $19,950

The Following Information Is from the Records of Chicago Photography