My courses Harmonic Company sold musical instruments to customers at a total sales price of $10,000. In addition, an additional $600 for sales tax was collected for a total amount of cash received from the customers of $10,600. Due to this transaction, which of the following is true? Select one: O Revenue will increase $10,600 O Expenses will increase $600 O Net income will increase $10,600 O Total assets will increase $10,600 O Total liabilities will increase $10,600 ge A long-term fixed asset with a cost of $500,000 and accumulated depreciation of $450,000 is sold for $45,000. What is the amount of the gain or loss on disposal of the asset? Enter a gain as a positive number and a loss as a negative number (for example, 1000 for a gain and -1000 for a loss). Answer: Bella Company uses the percentage-of-receivables basis to record bad debt expense Accounts receivable (ending balance) $500,000 (debit balance) Allowance for doubtful accounts (unadjusted balance) 5,000 (debit balance) The company estimates that 4% of accounts receivable will become uncollectible. In the adjusting journal entry to record bad debt expense for the year, by what amount will bad debt expense be debited/increased