Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $108,500, allowance for doubtful accounts of $705 (credit) and sales of $945,000. If uncollectible accounts are estimated to be 6% of accounts receivable, what is the amount of the bad debts expense adjusting entry? Multiple Choice $7,215 $6,510 $5,805 $5,990 $6,140 Spencer Co. has a $290 petty cash fund. At the end of the first month the accumulated receipts epresent $52 for delivery expenses, $163 for merchandise inventory, and $21 for miscellaneous expenses. The fund has a balance of $54. The journal entry to record the reimbursement of the ccount includes a: Multiple Choice Debit to Petty Cash for $290. Debit to Cash Over and Short for $54 Credit to Cash for $236. Credit to Inventory for $163. Credit to Cash Over and Short for $54 The following information is taken from Reagan Company's December 31 balance sheet: Cash and cash equivalents Accounts receivable Merchandise inventories Prepaid expenses Accounts payable Notes payable Other current liabilities $ 8,719 71,922 61,862 4,400 $15,250 88,138 9,800 If net credit sales for the current year were $610,000, the firm's days' sales uncollected for the year is: (Use 365 days a year.) Multiple Choice 155.0 days 71.8 days 37.0 days 43.0 days 617 davs If the credit balance of the Allowance for Doubtful Accounts account exceeds the amount of a bad debt being written off, the entry to record the write-off against the allowance account results in Multiple Choice An Increase In the expenses of the current period A reduction in current assets. A reduction in equity. No effect on the expense s of the current period. A reduction in current liabilities