I NEED HELP WITH # 9 and 10! :)

I NEED HELP WITH # 9 and 10! :)

I NEED HELP WITH # 9 and 10! :)

I NEED HELP WITH # 9 and 10! :)

Use the following information to answer the next 5 questions: On December 31,2017 a company's Accounts Receivable balance was $440,000. During the year the company recorded credit sales of $770,000 and cash collections of $820,000. In addition, the company wrote off S16,000 of accounts as uncollectible and reinstated an accounts receivable that was previously written off that totaled S3,000. The company uses the allowance method to account for its receivables 6. Determine the balance in the accounts receivable account on January 1,2017 A. S406,000 B. S471,000 C. S506,000 D. S503,000 E. S374,000 7. Assume the beginning balance on January 1,2017 in the Allowance for Doubtful Accounts is S15,000. If an aging schedule shows $30,000 to be uncollectible, then the adjusting entry on December 31, 2017 to record bad debts for the period xguldinclude: A. a credit to Accounts Receivable for $16,000 B. a credit to Allowance for Doubtful Accounts for $38,000 C. a debit to Bad Debt Expense for $2,000 D. a debit to Bad Debt Expense for S15,000 E. a credit to Allowance for Doubtful Accounts for $28,000 8. Assume the beginning balance on January 1, 2017 in the Allowance for Doubtful Accounts is $15,000 If the company estimates its bad debt as 2.5% of credit sales determine Net Realizable Value of Accounts Receivable on December 31, 2017 A. $418,750 B. $352,750 C. $420,750 D. $421,750 E. $419,150 9. What is the effect of the accounting equation if the company fails to make the adjusting entry to record bad debt expense? Assets Liabilities Stockholders' Equit A. No Effect B. Understated C. Overstated D. No Effect E. Overstated No Effect No Effect No Effect Understated No Effect Understated Overstated Overstated 10. Answer the following as true of false, then select the correct corresponding multiple choice answer The company's accounts receivable will be shown on the balance sheet at net realizable value Using the balance sheet method will always give the company a higher asset value, than if the the income statement method is used. the company was allowed to use the direct write-off method instead of the allowance method, the correct journal entry to record uncollectible accounts would include a debit to bad debt expense for $16,000 A. True, True, True B. False, False, False C. False, True, True D. True, False, True E. True, True, False