Mark Company uses the allowance method of accounting for uncollectible accounts. On May 3, they wrote off the $3,000 uncollectible account of its customer, P. Basu. On July 10, Mark received a check for $2,000 from Basu. On July 10, Mark Company's books will include the following entry
A) Debit to Accounts Receivable - P.Basu $3,000
B) Credit to Allowance for Doubtful Accounts $2,000
C) Debit to Allowance for Doubtful Accounts $2,000
D) Credit to Accounts Receivable - P.Basu $3,000
E) Credit to Allowance for Doubtful Accounts $3,000
Ans: B) Credit to Allowance for Doubtful Accounts $2,000
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