23) At the beginning of 2019, Elliott Company has the following account balances 23) Accounts Receivable $44,000 (debit balance) Allowance for Bad Debts $5000 (credit balance) Bad Debts Expense $0 During the year, credit sales amounted to $850,000. Cash collected on credit sales amounted to $790,000, and $16,000 has been written off. At the end of the year, the company adjusted for bad debts expense using the percent-of-sales method and applied a rate, based on past history of 2.5%. The ending balance in the Allowance for Bad Debts is A) $10,250 B) $5250 C) $5000 D) $8750 24) 24) On August 14, Second Street Bank lent $260,000 to City Restaurant on a 75 day, 4% note. What is the maturity date of the note? A) Oct. 27 B) Oct. 29 C) Oct. 28 D) Oct. 30 25) - 25) On July 7, University Bank lent $530,000 to Jazz Music Shop on a 60 day, 7% note. What is the maturity value of the note? (Use a 360-day year and round answers to the nearest dollar) A) $636,183 B) $530,000 C) $567,100 D) $536,099