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Multiple Choice Identify the choice that best completes the statement or answers the question. 1. The Parks Department had a year-end review of Accounts Receivable an uncollectible percentages revealed the following: ccounts Receivable and estimated 1-30 days 31-60 days 61-90 days $69,000 $30,000 $12,500 1.9% 13% 32.8% 3900 uloo Amounts over 90 days past due are written off. The credit balance in the Allowance 10 Doubtful Accounts was $1,600. The Bad Debt Expense for the year is: A. $1,600 B. $9,311 C $7,711 D. $10,911 2. Under the allowance method, the entry to write off a $4.000 uncollectible account includes A. Credit to Allowance for Doubtful Accounts for $4,000 B. Credit to Accounts Receivable for $4,000 C. Debit to Bad Debt Expense for $4,000 D. Debit to Accounts Receivable for $4,000 3. The following item appeared on a balance sheet: Receivables, less allowance of ($1,908) $12,000 Bad Debt Expense for the period was $1,290. The gross balance in Accounts Receivable before the allowance was deducted was: A $13,908 B. $10,710 C. $12,000 D. $10,092 On December 31, 2019 Rent-A-Swag had Accounts Receivable of $559,200 and lowance for uncollectible accounts of $62,500. On January 1, 2020, Tom Haverford wrote off their customer's accounts receivables, Jean-Ralphio Saperstein, of $10.600. What is the net realizable value of the accounts receivable after the write off on January 1, 20202 A. $507,300 B $486,100 C. $548,600 D. $496,700 E. None of the above. Use the following information to answer questions 5 and 6: During 2019, Ron Swanson Woodworking Industries - Importing/Exporting, sold fine wood goods and recorded credit sales of $700,000. Based on prior experience, he estimates a 2.7 percent bad debt rate on credit sales. The Accounts Receivable balance as of December 31, 2019 is $170.000 Prior to adjustment, the allowance for Doubtful Accounts had a balance of $3,700 (DEBIT balance). 5. The adjusting entry to record bad debt expense for 2019 would be for the amount of: A $18.900 B. $15,200 C. $22,600 D. $3,700 E. None of the above 6. The net accounts receivable that would be reported on the December 31, 2019 balance sheet is: A $154,800 B. $151,100 C. $166,300 D. $170,000 18000 1950 7. JJ's Diner used the percentage of credit sales method to estimate uncollectibles. Net credit sales for the current year amount to $650,000. The manager, JJ Lipscomb, estimates 3% will be uncollectible. Allowance for Doubtful Accounts prior to adjustment has a normal balance of $3,200. The amount of expense reported on the income statement and the balance in the Allowance for Doubtful Accounts, respectively, will be: 2200 A. $19,500 and $16,300 B. $3,200 and $16,300 C. $19,500 and $22,700 D. $3,200 and $22,700 22700 16300 8. On December 23, JJ's Diner sold waffles with a gross price of $10,500 to a customer, Leslie Knope, with terms of 2/10, n/30. How much Sales Discounts would be recorded if payment was received from the customer on December 312 Assume the company uses the Gross Method of recording receivables. A. $0 B. $210 c. $2,100 D $10,290 9. During 2019, the accounts receivable turnover rate for Rent-A-Swag increased from 10 to 15 times per year. Which one of the following statements is the most likely explanation for the change? A. The company's credit department has followed up with customers whose account balances are past due in order to generate quicker collections. B. The company has decreased sales to its most credit worthy customers C. The company has increased the amount of time customers have to pay their accounts before they are past due. D. The company has extended credit to more risky customers in order to increase sales. 10. Entertainment 720! sells to only one customer, Dennis Feinstein. Entertainment 720! had beginning Accounts Receivable of $300,000 and ending accounts Receivable were $712,000. Assuming cash collections totaled $900,630, what were credit sales? A. $412,000 B. $1,912,630 C. $448,630 D. $1,312,630