9. Resolve Inc. has prepared the following aging schedule for the company at December 31, 2021. The company uses the percentage of receivables approach to estimate uncollectible accounts: Number of Days Outstanding 0-30 31-60 61-90 91-120 Over 120 days days days days Accounts $90,000 $220,000 $40.000 Receivable $10,000 $15.000 8% Uncollectible 16% 30% Estimated Uncollectible $2.200 $3,600 $3.200 $1,600 $4.500 Assuming the company has a $2,500 credit balance in the allowance account at the beginning of the period, the journal entry to record bad debt expense will include a a) debit to Bad Debt Expense for $ 15,100. b) credit to Bad Debt Expense for $ 12,600 c) debit to the Allowance account for $ 15.100. d) credit to the Allowance account for $ 12,600. 10. How is the allowance for doubtful accounts presented in the financial statements? a) as an expense in the income statement b) as a contra account beneath accounts receivable on the balance sheet c) as an accrued liability on the balance sheet d) as a decrease to owner's equity in the statement of owner's equity 11. Which one of the following items is NOT considered a part of the cost of a truck purchased for business use? a) insurance during transit b) truck licence. c) freight charges d) cost of lettering on side of truck. 12. Expenditures that maintain the operating efficiency and expected productive long-lived asset are generally a) expensed when incurred b) capitalized as a part of the cost of the asset c) debited to the accumulated depreciation account d) not recorded until they become material in amount of a 13. Which is NOT a method of depreciation? a) straight line b) diminishing balance c) specific-identification, d) units of production 14. The balance in the accumulated depreciation account represents the a) cash fund to be used to replace long-lived assets b) amount to be deducted from the cost of the long-lived asset to arrive at its fair value. c) amount charged to expense in the current period d) amount charged to expens since the acquisition of the long-lived asset 15. Equipment was purchased for $ 15,000. Freight charges amounted to $700, and there was a cost of $2,000 for building a foundation and installing the equipment. It is estimated that the ment will have a $3,000 residual value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be als 3.540 c) 52.450 MacBook Pro