I need some help with my Accounting Homework

Question 33

Which of the following is not true about the Allowance for Doubtful Accounts?

• It is a contra asset account.
• It is used instead of reducing accounts receivable directly.
• It is debited when uncollectible accounts are written off.
• It is a liability account.
• It is credited when bad debts expense is estimated and recorded.

Question 34

MacKenzie Company sold $300 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 1.5% service charge for sales on its credit cards and credits MacKenzie's account immediately when sales are made. The journal entry to record this sale transaction would be:

• Debit Cash of $300 and credit Sales $300.
• Debit Cash of $300 and credit Accounts Receivable $300.
• Debit Accounts Receivable $300 and credit Sales $300.
• Debit Cash $295.50; debit Credit Card Expense $4.50 and credit Sales $300.
• Debit Cash $295.50 and credit Sales $295.50.

Question 35

MacKenzie Company sold $180 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4% service charge for sales on its credit cards. MacKenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately. The journal entry to record this sale transaction would be:

• Debit Cash of $180 and credit Sales $180.
• Debit Cash of $180 and credit Accounts ReceivableRegional $180.
• Debit Accounts ReceivableRegional $172.80; debit Credit Card Expense $7.20 and credit Sales $180.
• Debit Cash $172.80; debit Credit Card Expense $7.20 and credit Sales $180.
• Debit Cash $172.80 and credit Sales $172.80.