On December 31, Year 1, the Loudoun Corporation estimated that 3% of its credit sales of $112,500 would be uncollectible. Loudoun uses the allowance method of accounting for uncollectible accounts. In February of Year 2, one of Loudoun's customers failed to pay his $1,050 account and the account was written off. On April 4, Year 2, this customer paid Loudoun the $1,050. Which of the following answers correctly? states the effect of recording the collection of the reestablished receivable on April 4, Year 2
Assets = Liab + Equity Rev - Expenses = Net Inc. Cash Flow
A. NA = NA + NA NA - NA = NA NA
B. (1,050) = NA + (1,050) (1,050) - NA = (1,050) NA
C. (1,050) = (1,050) + NA NA - NA = NA NA

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