On December 31 of the current year, the unadjusted trial balance of a company using the percent of receivables method to estimate bad debt included the following: Accounts Receivable, debit balance of $97,200; Allowance for Doubtful Accounts, credit balance of $961. What amount should be debited to Bad Debts Expense, assuming 5% of outstanding accounts receivable at the end of the current year are estimated to be uncollectible? Multiple Choice $3,899 $961 $3,007 $4,860. $5,821. At the end of the current year, using the aging of accounts receivable method, management estimated that $32,250 of the accounts receivable balance would be uncollectible. Prior to any year-end adjustments, the Allowance for Doubtful Accounts had a debit balance of $925. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense? Multiple Choice \begin{tabular}{|c|r|c|} \hline \multicolumn{1}{|c|}{ Account Title } & Debit & Credit \\ \hline Bad Debts Expense & 31,325 & \\ \hline Allowance for Doubtful Accounts & & 31,325 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline \multicolumn{1}{|c|}{ Account Title } & Debit & Credit \\ \hline Bad Debts Expense & 33,175 & \\ \hline Allowance for Doubtful Accounts & & 33,175 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline \multicolumn{1}{|c|}{ Account Title } & Debit & Credit \\ \hline Bad Debts Expense & 32,250 & \\ \hline Allowance for Doubtful Accounts & & 32,250 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline \multicolumn{1}{|c|}{ Account Title } & Debit & Credit \\ \hline Accounts Receivable & 33,175 & \\ \hline Allowance for Doubtful Accounts & & 33,175 \\ \hline \end{tabular} \begin{tabular}{|l|r|r|} \hline \multicolumn{1}{|c|}{ Account Title } & Debit & Credit \\ \hline Accounts Receivable & 32,250 & \\ \hline Bad Debts Expense & 925 & \\ \hline Sales & & 33,175 \\ \hline \end{tabular} Johnson Company has $93,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. Experience suggests that 3% of outstanding receivables are uncollectible. The current balance (before adjustments) in the allowance for doubtful accounts is an $830 debit. The journal entry to record the adjustment to the allowance account includes a debit to Bad Debts Expense for: Multiple Choice $2,815 $2,790 $2,765 $3,620 $1,960 The total amount of the note and interest due on the maturity date of a $6,400,45-day 9%, note receivable is: (Use 360 days a year.) Multiple Choice $6,976. $6,328. $6,400. $5,824. $6,472