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Business, 08.11.2019 02:31 micieloalvarado

On january 1, 2014 the accounts receivable and the allowance for doubtful accounts carried balances of $30,000 and $500, respectively. during the year the company reported $75,000 of credit sales. there were $550 of receivables written-off as uncollectible in 2014. cash collections of receivables amounted to $74,550. the company estimates that it will be unable to collect one percent (1%) of credit sales. the amount of uncollectible accounts expense recognized in the 2014 income statement will be? $700 $300. $750. $550.

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