On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts carried...

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On January 1, Year 2, Kincaid Companys Accounts Receivable and the Allowance for Doubtful Accounts carried balances of $70.400 and $2.800, respectively. During the year Kincaid reported $187000 of credit sales. Kincaid wrote off $1700 of receivables as uncollectible in Year 2, Cash collections of receivables amounted to $222,300 Kincaid estimates that it will be unable to collect one percent (1%) of credit sales. Kincaids entry to recognize the write-off of the uncollectible accounts wil: Multiple Choice decrease total assets and total equity not affect totbl assess or total eouity increose totai ossets and tosal/lecuny

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Answer 1

Answer #1

Answer:-Kincaid’s entity to recognize the write-off of the uncollectible accounts will:-

Not affect total asset or total equity.

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Answer 2

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