1) At the beginning of the year, Theresas Bakery Supplies (TBS) had a balance in the allowance for doubtful accounts of $7,000. Throughout the year, TBS recovered $4,500 of accounts, and estimated bad debt expense to be $3,000. If the ending allowance for doubtful account balance is $8,500, what amount did TBS write-off during the year?\

Select one:

a. $6,000

b. $14,000

c. $9,000

d. $7,500

2)On December 1, Hadley Corporation has total assets of $800,000. During the month of December the following transactions occurred: - Purchased land for $400,000 cash - Collected $60,000 on accounts receivable - Purchased equipment for $120,000, paying $30,000 in cash and issuing a note payable for $80,000. - Paid $40,000 of the note payable. What are Hadley Corporation's total assets on December 31?

Select one:

a. $1,320,000

b. $925,000

c. $850,000

d. None of the answer choices