)At the beginning of 2017, Elixir, Inc. has the following account balances: Accounts Receivable $42,000 Allowance for Bad Debts $7,000 (debit balance) (credit balance) Bad Debts Expense $0 S0.000, and 18,000 has been written off. At the end of the year, the company adjusted for bad debts expense using the percent-of-sales method and applied a rate, based on past history, of 2.5%. The ending balance in the Allowance for Bad Debts is- A) $7,000 B) $2,000 C) $8,250 D) $9,000 $800,000. Cash collected on credit sales amounted to During the year, credit sales amounted to day, 7% note what 14) On July 7, Smithview Bank lent $440,000 to Andrews Retail Shop on a 90 is the maturity date of the note? A) October 7 B) October 5 C) October 6 D) October 8 15) On July 7, Land view Bank lent S520,000 to Classical Music Shop on a 60 day, 5% note, what is the maturity value of the note? (Use a 360-day year and round answers to the nearest dollar.) A) $520,000 B) $546,000 C) $524,274 D) $524,333