Could you please tell me the correct answers for these multiple choice problems with the explanation on how to do it. Thanks!
Cash for fs D) debit Cash for $1,152 and credit Sales Revus o Service Fes $1,152 A)very liquid B) not liquid and carry little risk and carry high risk very liquid and carry lite tiak D) not liquid and carry high risk 8) The jounal entry to write off a customet'sacoundr the allonceetd i Bad Debt Expense, debit, Allowance for Uncollectible Acouts,credn B) not required. C) Allowance for Uncollectible Accounts, debit, Ascounts Roccivable, ceedn D) Bad Debe Expense, debit; Accounts Receivable, credia 9) Under the allowance method, to record the receipt of cash afer "K-erei- being written off, you would first A) debit Cash and credit Accounts Receivable. B) debit Aocounts Receivable and credit Allowance fo C) debit Allowance for Doubtful Accounts and credin Bad Debt Expes Doubtdul Accouets 10) A company has $286,000 in credit sales. The company uses the allorwance mehod to accous for uncollectible accounts. The Allowance for Doustful Accounts now hs a $2.2380cre balance. If the company estimates that $7,640 of accounts will be uncollectible based on n aging of Accounts Receivable, what will be the amount of the adjusting joumal entry to reced estimated uncollectible accounts? A) debit Allowance for Doubtful Accounts, $7,640; credit Bad Debt Expense, $7.,640 debit Allowance for Doubtful Accounts, $7,640, credit Accounts Reccivable, $7.,640 D) debit Bad Debt Expense, $5,360, credit Allowance for Doubtfial Accounts, $5,360 B) debit Bad Debt Expense, $9,920, credit Allowance for Doubtful Accounts, $9.92 11) ABC Corp.'s auditor realizes ABC Corp, is using the direct write-off mcthod to expens material bad debt costs. ABC Corp.'s auditor will take issue with this peractice on what grounds? The direct write-off method violates GAAP's matching principle. B) The direct write-off method violates GAAP's historical cost principle C) The direct write-off method violates GAAP's materiality principle. D) The direct write-off method violates GAAP's objectivity principle