Answered step by step
Verified Expert Solution
Link Copied!
Question
1 Approved Answer

At the end of its first year of operations, Company A estimated that $10,000 of its $200,000 of accounts receivable were uncollectible. What is the

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
At the end of its first year of operations, Company A estimated that $10,000 of its $200,000 of accounts receivable were uncollectible. What is the journal entry to record the $10,000 of uncollectible accounts receivable? O A. Dr. Bad Debts Expense 10,000; Cr. Accounts Receivable 10,000 B. Dr. Accounts Receivable 10,000; Cr. Bad Debts Expense 10,000 O C. Dr. Bad Debts Expense 10,000; Cr. Allowance for Bad Debts 10,000 O D. Dr. Allowance for Bad Debts 10000; Cr. Bad Debts Expense 10000 O E. None of the above In a bank reconciliation, if the balance in cash per the Company's books is 120,000 and the interest revenue is 5,000 and the EFT collection is 20,000 and the bank service charge is 1,000 and the NSF check is 24,000, what is the adjusted book balance? A. 160,000 B. 140,000 O C. 120,000 O D. 100,000 E. None of the above If the balance in accounts receivable is $100,000 and the balance in allowance for bad debts is $10,000, what is the net realizable value of accounts receivable? O A. 110,000 B. 100,000 O C. 90,000 D. 10,000 E. None of the above On December 1, 2019 Company D sold merchandise in exchange for a $10,000 note receivable. What is the journal entry to record the receipt of the note? A. Dr. Notes Receivable 10,000 Cr. Sales O Revenue 10,000 B. Dr. Sales Revenue 10,000 Cr. Notes Receivable 10,000 C. Dr. Accounts Receivable 10,000 Cr. Sales Revenue 10,000 D. Dr. Sales Revenue 10,000 Cr. Accounts Receivable 10,000 E. None of the above In a bank reconciliation, the amount of the NSF check is? O A. Added in the bank part of the reconciliation O B. Subtracted in the bank part of the reconciliation C. Added in the book part of the reconciliation O D. Subtracted in the book part of the reconciliation E. None of the above

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image
Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Maintenance Audits Handbook A Performance Measurement Framework

Authors: Diego Galar Pascual, Uday Kumar

1st Edition

1466583916, 978-1466583917

More Books

Students explore these related Accounting questions