A $21 credit to Sales was posted as a $210 credit. By what amount is the Sales account in error?
A. $189 overstated.
B. $210 understated.
C. $210 overstated.
D. $21 understated.
E. $189 understated.
Answer: A
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A company has $90,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. Experience suggests that 4% of outstanding receivables are uncollectible. The current balance (before adjustments) in the allowance for doubtful accounts is an $800 credit. The journal entry to record the adjustment to the allowance account includes a debit to Bad Debts Expense for:
A. $3,632 B. $3,600 C. $4,400 D. $2,800 E. $3,568
A buyer's material breach gives the seller the right to refuse to deliver the goods
a. True b. False Indicate whether the statement is true or false