A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts: Accounts receivable Allowance for uncollectible accounts Net Sales $360,000 debit 550 debit 805,000 credit All sales are made on credit. Based on past experience, the company estimates that 0.5% of net credit sales are uncollectible. What amount should be debited to Bad Debts Expense when the year-end adjusting entry is prepared? Multiple Choice $4,575 $3,475 $1,250 $4,025 $2,350 A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts: Accounts receivable Allowance for uncollectible accounts Net Sales $393,000 debit 680 credit 980,000 credit All sales are made on credit. Based on past experience, the company estimates that 0.5% of net credit sales are uncollectible. What amount should be debited to Bad Debts Expense when the year-end adjusting entry is prepared? Multiple Choice $1,468 $2,148 $3,930 $4,900 $5,290 The unadjusted trial balance at year-end for a company that uses the percent of receivables method to determine its bad debts expense reports the following selected amounts: Accounts receivable Allowance for Doubtful Accounts Net Sales $ 454,000 Debit 1,440 Credit 2,290,000 Credit All sales are made on credit. Based on past experience, the company estimates 3.0% of ending account receivable to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense? Multiple Choice Debit Bad Debts Expense $12,180; credit Allowance for Doubtful Accounts $12,180. Debit Bad Debts Expense $13,620; credit Allowance for Doubtful Accounts $13,620. Debit Bad Debts Expense $15,060; credit Allowance for Doubtful Accounts $15,060. Debit Bad Debts Expense $6,870; credit Allowance for Doubtful Accounts $6,870. Debit Bad Debts Expense $16,870; credit Allowance for Doubtful Accounts $16,870. Peavey Enterprises purchased a depreciable asset for $23,500 on April 1, Year 1. The asset will be depreciated using the straight-line method over its four-year useful life. Assuming the asset's salvage value is $2,300, what will be the amount of accumulated depreciation on this asset on December 31, Year 3? Multiple Choice $14,575 $5,300 $17,667 $21,200 $4,417