On November 1, Year 1, Salem Corporation sold land priced at $380,000 in exchange for a 3%, six-month note receivable. 35 Salem's balance sheet at December 31, Year 1, includes which of the following as a result of the sale of land on November 1? Multiple Choice eBook Notes Receivable of $380,000 and Interest Receivable of $5,700. Notes Receivable of $380,000 only. Notes Receivable of $380,000 and Interest Receivable of $1,900. Notes Receivable of $385,700 and Interest Receivable of $1,900. 34 Bert had accounts receivable of $335,000 and an allowance for doubtful accounts of $13,100 just before writing off as worthless an account receivable from Ernie Company of $2,200. After writing off this receivable what would be the balance in Bert's Allowance for Doubtful Accounts? Multiple Choice eBook $10,900 credit balance. $13,100 credit balance. $15,300 credit balance. $10,900 debit balance. 33 The Cash account in the records of Hensley, Incorporated showed a balance of $3,250 at June 30. The bank statement, however, showed a balance of $4,250 at the same date. The only reconciling items consisted of a $400 deposit in transit, a bank service charge of $4, and a large number of outstanding checks. What is the total amount of the outstanding checks at June 30? eBook Multiple Choice $1,404. $2,442 $1,400. $2,850. 32 A bank statement shows a balance of $8,945 at June 30. The bank reconciliation is prepared and includes outstanding checks of $2,195, deposits in transit of $1,670, and a bank service charge of $10. Among the paid checks returned by the bank was check number 900 in the amount of $590, which the company had erroneously recorded in the accounting records as $60. The "adjusted cash balance" at June 30 is: Multiple Choice eBook $7,855. $6,160. $8,420. $7,340. 31 As of December 31, Year 1, Valley Company has $12,760 cash in its checking account, as well as several other items listed below: Bank credit card slips signed by customers $ 1,400 Money market fund balance $ 27,000 Investment in u.s. Treasury bills, mature within 90 days $ 40,000 Checks received from customers, but not yet deposited in the bank $ 1,720 Investment in 4,500 shares of Coca-Cola capital stock $ 56,000 Back What amount should be shown in Valley's December 31, Year 1, balance sheet as "Cash and cash equivalents"? Multiple Choice $70,120 $138,880 $126,120. $82,880