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please help 13. Which one of the approaches for the allowance procedure is said to be a balance sheet approach? a. The aging of accounts
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13. Which one of the approaches for the allowance procedure is said to be a "balance sheet approach?" a. The aging of accounts receivable method b. The percentage of net credit sales method c. The percentage of accounts written off method d. The direct write-off method Absolute Appliances The company sold merchandise to a customer on December 1, 2019, for $120,000. The company accepted a promissory note as payment. The note has a term of three months and an annual interest rate of 10%. The company's accounting period ends on December 31 . 14. Refer to Absolute Appliances. What amount should the company recognize as interest revenue on December 31 . 2019 ? a. 50 - b. $1.000 c. $12,000 d. $11,000 15. In a perpetual inventory system, a company purchasing goods and paying to transport them in would record these transportation costs as a. an increase (debit) to the Inventory account. b. a decrease (credit) to the Inventory account. c. an increase (debit) to the Transportation-In account. d. None of the above. Badd Management Consulting On September 1, Badd Management Consulting made a $5,000 sale to a customer with terms of 2/10,n30. Bado uses the net method to account for credit sales. 16. Refer to Badd Management Consulting. If the customer pays on September 6 , the journal entry to record the payment will include a. A debit to Cash of $4,900. b. A credit to Accounts Receivable of $5,000. c. A credit to Service Revenue of $100. d. None of the above. 17. Refer to Badd Management Consulting. If the customet pays on September 17, the joumal entry to record payment will include a. A debit to Cash of $4,900 b. A credit to Accounts Receivable of $5,000 c. A credit to Service Revenue (or Sales Discounts Forfeited) of $100. d. None of the above Step by Step Solution
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