1.ABC company sold a washing machine at 300 dollars on credit, while the cost of the machine is 220 dollars. What is the journal entry for the revenue?

a.Debit Sales Revenue 300, Credit Cash 300

b.Debit Cash 220, Credit Sales Revenue 220

c.Debit Accounts Receivables 300, Credit Sales Revenue 300

d.Debit Accounts Receivables 220, Credit Sales Revenue 220

2.ABC company sold a washing machine at 300 dollars on credit, while the cost of the machine is 220 dollars. What is the journal entry for the inventory?

a.Debit Inventory 220, Credit Cost of goods sold 220

b.Debit Cost of Goods Sold 300, Credit Inventory 300

c.Debit Cost of Goods Sold 220, Credit Inventory 220

d.Debit Cost of Goods Sold 300, Credit Sales Revenue 300

3.ABC company has a total sales revenue of 500,000 in 2019. The company estimate that 6% of the sales revenue can not be collected in the future. What is the journal entry for ABC company to record the estimation?

a.Debit Bad Debt Expense 30,000, Credit Allowance for Uncollectible Receivables 30,000

b.Debit Allowance for uncollectible receivables 30,000, Credit Accounts Receivables 30,000

c.Debit Bad Debt Expense 30,000, Credit Accounts Receivables 30,000

d.Debit Allowance for Uncollectible Receivables 30,000 , CreditBad Debt Expense 30,000

4.ABC Company received a notice from XYZ Company that XYZ is not able to make payments for the accounts receivables due to bankruptcy. What is the correct journal entry to record the notice?

a.Debit Accounts Receivables, Credit Allowance of Uncollectible Receivables

b.Debit Allowance for Uncollectible Receivables, Credit Accounts Receivable

c.Debit Bad Debt Expense, Credit Accounts Receivables

d.No entry is needed

5.ABC Company unexpectedly received the accounts receivable payment from XYZ Company. The accounts were previously written off. What journal entry ABC Company should make to recover the receivables?

a.No entry needed

b.DebitAllowance for Uncollectible Receivables; Credit Accounts Receivables

c.DebitAccounts Receivable, Credit Bad Debit Expense

d.Debit Accounts Receivable; Credit Allowance for Uncollectible Receivables