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Author Question: In February, one of Team Shirts' best customers went bankrupt owing Team Shirts 85. Team Shirts uses ... (Read 70 times)

sdfghj

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on: Jul 5, 2018
In February, one of Team Shirts' best customers went bankrupt owing Team Shirts 85. Team Shirts uses the sales method for estimating bad debts. February sales were 15,000.
 
  The accountant has been using 3 of sales as the estimated bad debts percentage. Before adjustment and the write-off, the balance in the allowance for uncollectible accounts was (100). After the write-off and adjustment, the balance in the allowance for uncollectible accounts should be ________.
  A) 450
  B) 365
  C) 465
  D) 550

Question 2

Employees Income Tax Payable is a liability account that is credited for the FICA tax withheld from an employee's earnings.
 a. True
   b. False
   Indicate whether the statement is true or false


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elyse44

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Reply #1 on: Jul 5, 2018
Answer to Question 1

C

Answer to Question 2

False


sdfghj

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Reply #2 on: Jul 5, 2018
Correct answers!


elyse44

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Reply #3 on: Jul 5, 2018
Great! Please up vote :D


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