Accounting questions I need help for:

1.

Molly's Inc. general ledger reflects a cash balance of $22,400 at April 30, 2014. The bank balance per the April bank statement reflects a balance of $22,300. Bank charges for the month are $50. Which of the following statements is true?

Every month Molly's Inc. general ledger balance will be higher than the bank balance.

Molly's Inc. has recorded twice the bank charges for the month of $50.

Every month Molly's Inc. general ledger balance will be lower than the bank balance due to temporary differences.

There is an unknown difference between the general ledger and bank balance of $50.

None of the others alternatives are correct

2.

Use the information in the table to answer the question below about Mary's Boutique

YEAR	SALES	CASH COLLECTIONS	WRITE OFFS
2002	450,000	410,000	35,000
2003	500,000	450,000	25,000
2004	800,000	590,000	47,000
2005	820,000	750,000	20,000

If Mary's Boutique uses the direct write off method, what is the balance in Accounts Receivable at the end of 2005?

$2,570,000

$643,000

$127,000

$243,000

$50,000

3.

A company's preliminary trial balance reflects an accounts receivable balance of $100,000 and a credit balance in the Allowance for Doubtful Accounts of $500. Per review of the Aged Receivables listing, 50% of the accounts receivable are current and 50% are over-due. Management estimates that 3% of the current accounts and 5% of the over-due accounts will be uncollectible. The adjusting journal entry to update the Allowance for Doubtful accounts is for

$2,900

$3,500

$3,200

$3,400

$4,000

4.

Chocolate Corner Company had the following transactions during the current year: Apr. 8. Received a $7,050, 75-day, 8% note from Lance Armstrong in payment of account. May 24.Wrote off customer Joe Nutella's account against the Allowance for Uncollectible Accounts, $150 June 22. Received payment of Lance Armstrong's note in full. Sept. 10.Gave a $5,600, 90-day, 9% note to Herbert Anson in payment of account. Sept.18. Received payment of Joe Nutella's account, written off May 24. Dec 9. Paid principal and interest due on note to Herbert Anson. Please Note: a 360-day year is standard for many such interest computations - for this course interest is to the nearest month rather than precisely to the day. Round interest to the nearest dollar (no cents). If needed record the above transactions in general journal form. The balance of Notes Receivable at April 10th is:

None of the other alternatives are correct

$7,200

$150

$575

$7,050