hst is an outstanding check? 6) 4 check that is guaranteed for payment by the bank. was written for an amount that is greater than the balance in the account holder's bank account. C) A check that has been presented to the bank for payment but has not been reported on the bank statement. p) A check that has been issued by the company but has not been presented to the bank for payment. 7 On April 30, Midwest Company established a petty cash fund of $1,000. On May 1, a disbursement of S35s was made from the fund for payment of delivery expense. What entry should be made on May i to record this disbursement? 7) A) Debit delivery expense and credit petty cash for $355. B) Debit petty cash and credit cash for $355. C) Debit delivery expense and credit cash for $355. D) No entry is necessary on May 1. The following information applies to the questions displayed below. The Miller Company earned $190,000 of revenue on account during Year 1. There was no beginning balance in the accounts receivable and allowance accounts. During Year 1, Miller collected $136,000 of cash from its receivables accounts. The company estimates that it will be unable to collect 3% of its sales on account. 8) What is the amount of uncollectible accounts expense that will be recognized on the Year 1 income statement? 8)- A)$1,320 B)$5,700 C)$4,080 D)$54,000 9) What is the net realizable value of Miller's receivables at the end of Year 1? A) $54,000 B)$59,700 C) S49,920 D)$48,300 9) 10) Which of the following general journal entries would be used to recognize $7,500 of uncollectible a expense under the direct write-off method? 10) A) Allowance for doubtful accounts Uncollectible accounts expenses B) 7.50 Accounts receivable 7,500 ncollectible accounts expenses C) Accounts receivable ncollectible accounts expenses 7,50 D) 7,50 Incollectible accounts expenses llowance for doubtful accounts 7,500