1 An aging of a company's accounts receivable indicates that the estimate of uncollectible receivables totals $4,173 If Allowance for Doubtful Accounts has a $974 credit balance, the adjustment to record the bad debt expense for the period will require a a debit to Bad Debt Expense for $4,173 b credit to Allowance for Doubtful Accounts for $974 c debit to Bad Debt Expense for $5,147 d debit to Bad Debt Expense for $3,199 2 If a fixed asset, such as a computer, were purchased on January 1 for $2,107 with an estimated life of 3 years and a salvage or residual value of $242, the journal entry for monthly expense under straight line depreciation is a Depreciation Expense 51 81 Accumulated Depreciation 51 81 b Accumulated Depreciation 621 67 Depreciation Expense 621 67 c Accumulated Depreciation 51 81 Depreciation Expense 51 81 d Depreciation Expense 621 67 Accumulated Depreciation 621 67 3 Sneed Corporation issues 9,500 shares of $46 par preferred stock for cash at $65 per share The entry to record the transaction will consist of a debit to Cash for $617,500 and a credit or credits to a Preferred Stock for $437,000 and Paid In Capital in Excess of ParPreferred Stock for $180,500 b Preferred Stock for $437,000 and Retained Earnings for $180,500 c Paid In Capital from Preferred Stock for $617,500 d Preferred Stock for $617,500

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1. An aging of a company's accounts receivable indicates that the estimate of uncollectible receivables totals $4,173. If Allowance for Doubtful Accounts has a $974

1. An aging of a company's accounts receivable indicates that the estimate of uncollectible receivables totals $4,173. If Allowance for Doubtful Accounts has a $974 credit balance, the adjustment to record the bad debt expense for the period will require a

a.debit to Bad Debt Expense for $4,173.

b.credit to Allowance for Doubtful Accounts for $974.

c.debit to Bad Debt Expense for $5,147.

d.debit to Bad Debt Expense for $3,199.

2. If a fixed asset, such as a computer, were purchased on January 1 for $2,107 with an estimated life of 3 years and a salvage or residual value of $242, the journal entry for monthly expense under straight-line depreciation is

Depreciation Expense	51.81
Accumulated Depreciation		51.81

Accumulated Depreciation	621.67
Depreciation Expense		621.67

Accumulated Depreciation	51.81
Depreciation Expense		51.81

Depreciation Expense	621.67
Accumulated Depreciation		621.67

3. Sneed Corporation issues 9,500 shares of $46 par preferred stock for cash at $65 per share. The entry to record the transaction will consist of a debit to Cash for $617,500 and a credit or credits to

a.Preferred Stock for $437,000 and Paid-In Capital in Excess of ParPreferred Stock for $180,500.

b.Preferred Stock for $437,000 and Retained Earnings for $180,500.

c.Paid-In Capital from Preferred Stock for $617,500.

d.Preferred Stock for $617,500.