Credit sales for the year were $50,000. Ending accounts receivable is $4,000. The Allowance for Doubtful Accounts has a credit balance of $200. The accountant estimates that 1% of credit sales will be uncollectible.

4. A customer signs a note receivable for $3,000, due in 180 days with an interest rate of 8%. Calculate the amount of interest due in 180 davs A. $120 B. $ 80 C. $320 D. $240 5. Prepare the journal entry for the payment of principal and interest in question #4 A. Debit Cash 3,320; Credit Note Receivable 3,000 and Credit Interest Revenue 320 B. Debit Note Receivable 3,000; Credit Interest Revenue 120 and Credit Cash 2,880 C. Debit Cash 3,080; Credit Note Receivable 3,000 and Credit Interest Revenue 80 D. Debit Cash 3,120; Credit Notes Receivable 3,000 and Credit Interest Revenue 120 Credit sales for the year were $50,000. Ending accounts receivable is $4,000. The Allowance for Doubtful Accounts has a credit balance of $200. The accountant estimates that 1% of credit sales will be uncollectible 1. Determine the uncollectible accounts expense and prepare the adjusting entry to record this expense. A. Debit Bad Debt Expense 500; Credit Allowance for Doubtful Accounts 500 B. Debit Bad Debt Expense 320; Credit Allowance for Doubtful Accounts 320 C. Debit Bad Debt Expense 700; Credit Allowance for Doubtful Accounts 700 D. Debit Bad Debt Expense 520; Credit Allowance for Doubtful Accounts 520 2. What is the net realizable value after the adjusting entry is made? A. $3,300 B. $3,480 C. $3,680 D. $3,500 3. If beginning accounts receivable is $3,000, how much cash has been collected from the customers this past year? A. $49,000 B. $52,000 C. $1,000 D. $2,000