D Question 35 The net book value of an asset is equal to the asset's fair market value less its historical cost. asset's cost less accumulated depreciation Replacement cost of the asset. asset's cost less salvage value Lenovo Question 36 3.85 Net realizable value of accounts receivable on the balance sheet is calculated as: Sales tess sales returns and allowances. Accounts receivable plus the allowance for doubtful accounts, Accounts receivable less bad debts opene. Accounts receivable less the allowance for doubtful accounts 3.85 pts Question 37 Lenovo D Question 37 The account Allowance for Doubtful Accounts is classified as an Contra account to Bad Debts Expense Expense Contra account to Accounts Receivable Liability Lenovo The following informations for compro Aco Recany I. 2021 DO Account December 31.01 520.000 Allowance for doubtful accounts an. 1. 2021 48.500 Sales 2021 on credo 4.500.000 Accounts written off 2021 44.000 Ashbrook uses the allowance method of accounting for a collectible accounts. Based on prior experience. Aroomines that accounts receivable at December 31, 2021 will eventually become uncollectible. Ashbrook makes an adjusting entry on December 31, 2011 amount of bad debts expense should Ashbrook recognize in 20217 $48.200 556200 547.800 $44.000 3.85 pts Question 39 Question 39 If a company uses the allowance method of accounting for bad debts and writes off an account of a specific customer that went barn the amount of $7,500, what is the proper entry to write off the account? Debit Allowance for Doubtful Accounts 7.500 Credit Accounts Receivable 7.500 Debit Bad Debts Expense 7,500 Credit Accounts Receivablet 7.500 Debit Accounts Receivable 7.500: Credit Allowance for Doubtful Accounts 7.500 Debit Bad Debts Expense 7.500: Credit Allowance for Doubtful Accounts 7,500 No new data to save, Last checked at 8:25 am Submit Quiz ro