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Accounting
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Multiple Choice Choice A Choice C Choice D Choice B On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $67,600 and $2,200, respectively. During the year, Kincaid eported $173,000 of credit sales. Kincaid also wrote off $1,500 of receivables as uncollectible in Year 2 . Cash collections of receivables amounted to $197,900. Kincaid estimates that it will be unable to collect one percent (1\%) of credit sales. Kincaid's entry required to recognize the uncollectible accounts expense for Year 2 will: Multiple Choice increase total assets and decrease net income. increase total assets and retained earnings. decrease total assets and net income. decrease total assets and increase retained earnings
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