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38 Sheffield Corp. receives a $10600, 6-month, 9% promissory note from Cheyenne Corp. in settlement of an open accounts receivable. What entry will Sheffield Corp.

38 Sheffield Corp. receives a $10600, 6-month, 9% promissory note from Cheyenne Corp. in settlement of an open accounts receivable. What entry will Sheffield Corp. make upon receiving the note?

Notes Receivable

10600

Accounts Receivable-Cheyenne Corp.

10600

Notes Receivable

11077

Accounts Receivable-Cheyenne Corp.

10600

Interest Revenue

477

Notes Receivable

10600

Interest Receivable

477

Accounts Receivable-Cheyenne Corp.

10600

Interest Revenue

477

Notes Receivable

11077

Accounts Receivable-Cheyenne Corp.

11077

37 An aging of a company's accounts receivable indicates that $10200 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $5000 credit balance, the adjustment to record bad debts for the period will require a

debit to Allowance for Doubtful Accounts for $5200.

debit to Bad Debt Expense for $10200.

debit to Bad Debt Expense for $5200.

credit to Allowance for Doubtful Accounts for $10200.

35 Blossom Company has a $182000 balance in Accounts Receivable and a $512 debit balance in Allowance for Doubtful Accounts at year end just prior to recording adjusting entries. Credit sales for the period totaled $1190400. How much is the amount of the bad debt adjusting entry if Blossom estimates that 1.5% of its receivables will be uncollectible?

$2730

$17856

$2218

$3242

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