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What the amount of uncollectible accounts expense recognized

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Reference no: EM132953415

On January 1, 2011 Grace Company had an $14,000 balance in the Accounts Receivable account and a zero balance in the Allowance for Doubtful Accounts account. During 2011, Grace provided $56,000 of service on account. The company collected $48,120 cash from account receivable. Uncollectible accounts are estimated to be 14% of sales on account.

Problem 1: The amount of uncollectible accounts expense recognized on the 2011 income statement is:

A. $7,840

B. $560

C. $1,960

D. $7,560

Reference no: EM132953415

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