7. In preparing its August 31, 20x2 bank reconciliation, Bing Corp. has available the following information: Balance per bank statement, 8/31/x2 Deposit in transit, 8/31/x2 Return of customer's check for insufficient funds, 8/30/x2 Outstanding checks, 8/31/x2 Bank service charges for August $18,650 3,900 600 2,750 100 At August 31, 20x2, Bing's correct cash balance is a. $19,800. b. $19,100. c. $19,200 d. $17,500. 8. Ace Co. prepared an aging of its accounts receivable at December 31, 20x2 and determined that the net realizable value of the receivables was $600,000. Additional information is available as follows: Allowance for uncollectible accounts at 1/1/x2-credit balance Accounts written off as uncollectible during 20x2 Accounts receivable at 12/31/x2 Uncollectible accounts recovered during 20x2 $68,000 46,000 650,000 10,000 For the year ended December 31, 20x2, Ace's uncollectible accounts expense would be a. $50,000. b. $46,000. c. $32,000. d. $18,000. AG Inc. made a $15,000 sale on account with the following terms: 2/10, n/30. If the company uses the net method to record sales made on credit, what is/are the debit(s) in the journal entry to record the sale? 9. Debit Accounts Receivable for $14,700. Debit Accounts Receivable for $14,700 and Sales Discounts for $300. Debit Accounts Receivable for $15,000. Debit Accounts Receivable for $15,000 and Sales Discounts for $300. a. b. c. d. 10. Becky had net sales (all on account) in 2018 of $600,000. At December 31, 2018, before adjusting entries, the balances in selected accounts were: accounts receivable $750,000 debit, and allowance for doubtful accounts $1,500 debit. Becky estimates that 3% of its net sales will prove to be uncollectible. What is the net realizable value of the receivables reported on the financial statements at December 31, 2018? a. $133,500 b. $732,000 $730,500 $733,500 c. d