Answer the following intermediate accounting questions:

7. BobCat Co. uses the GROSS method to record sales made on credit. On Mar 1, 2017, it made sales of $80,000 with terms 3/10 n/30. On Mar 9, 2017, BobCat received full payment for the March 1 sale. The required journal entries for BobCat Inc. on Mar 9 is A. DR Accounts Receivable 80,000 CR Sales Revenue 80,000 B. DR Accounts Receivable 77,600 CR Sales Revenue 77,600 C. DR Cash.... 77,600 DR Sales Discount 2,400 CR Accounts Receivable 80,000 D. DR Cash.... 77,600 CR Accounts Receivable 77,600 E. DR Cash 80,000 CR Accounts Receivable 80,000 8. The following information relates to Jay Co's accounts receivable for the year just ended Accounts receivable, 1/1 $ 650,000 Credit sales for the year 2,700,000 Sales returns for the year 75,000 Accounts written off during the year 40,000 Collections from customers during the year 2,150,000 Estimated uncollectible accounts at 12/31 CR 110,000 What amount should Jay report on the Balance Sheet for net realizable value of accounts receivable at December 31? A. 1,085,000 B. 540,000 C. 2,700,000 D. 975,000 E. 650,000 9. The following are held by BobCat Inc: Cash in checking account $6,000 Cash in savings account $12,000 Postdated check from customer dated one month from balance sheet date 2,500 Petty cash 300 Commercial paper (matures in a month, original maturity 3 months) 9,000 Certificate of deposit (matures in six months) 5,000 What amount should be reported as cash and cash equivalents on Smite's balance sheet? A. 27,300 B. 18,000 C. 18,300 D. 27,000 10. Hilltop Co.s monthly bank statement shows a balance of $52,200. Reconciliation of the statement with company books reveals the following information: Bank service charge $ 10 Insufficient funds check 650 Checks outstanding 1,500 Deposits in transit 1300 Check deposited by Hilltop and cleared by the bank for $125, but improperly recorded by Hilltop as $15 What is the TRUE cash balance after the reconciliation? -- A. 54,200 B. 52,000 C.52,027 D. 51,973