Question:At the end of the year, Loose Construction Co. Ltd.used an income statement method of estimation and calculated $20,000. They currently have a credit balance of $2,000 in Allowance for Doubtful Accounts. What is the correct entry to record the estimated Uncollectible Accounts Expense?
A Debit Uncollectible Accounts Expense 20,000 Credit Accounts Receivable 20,000
B Debit Uncollectible Accounts Expense 18,000 Credit Allowance for Doubtful Accounts 18,000
C Debit Uncollectible Accounts Expense 18,000 Credit Accounts Receivable 18,000
D Debit Uncollectible Accounts Expense 20,000 Credit Allowance for Doubtful Accounts 20,000
+ AnswerA
+ Explanation
+ Report
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