17. Which of the following statements concerning receivables is incorrect? a. Receivables are often listed after short-term investments. b. Companies report bad debt expense as a selling expense. c. Both the gross amount of receivables and the allowance for doubtful accounts should be reported. d. Interest revenue is shown under other income and expense. 18. The accounts receivable turnover ratio is computed by dividing a. total sales by average net accounts receivable. b. net credit sales by average net accounts receivable. c. total sales by ending net accounts receivable. d. net credit sales by ending net accounts receivable. 19.An aging of a company's accounts receivable indicates that $7,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $2,000 debit balance, the adjustment to record bad debts for the period will require a a. debit to Bad Debt Expense for $7,000. b. debit to Bad Debt Expense for $9,000. c. debit to Bad Debt Expense for $5,000. d. credit to Allowance for Doubtful Accounts for $2,000. 20. Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are 250,000. If the balance of the Allowance for Doubtful Accounts is 60,000 debit before adjustment, what is the amount of bad debts expense for that period? a. 250,000 b. 60,000 c. 310,000 d. 190,000 21. Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are 250,000. If the balance of the Allowance for Doubtful Accounts is 50,000 debit before adjustment, what is the balance after adjustment? a. 250,000 b. 300,000 c. 200,000 d. 50,000 22.Using the allowance method, the uncollectible accounts for the year is estimated to be $56,000. If the balance for the Allowance for Doubtful Accounts is a $14,000 credit before adjustment, what is the amount of bad debts expense for the period? a. $14,000 b. $42,000 c. $56,000 20