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QUESTION 1 Clayborn Company deposits all cash receipts on the day they are received and makes all cash payments by check. At the close of business on May 31, its Cash account shows a debit balance of $18,525. Clayborn's May bank statement shows $17,000 on deposit in the bank. Determine the adjusted cash balance using the following information: Deposit in transit $ 5650 Outstanding checks $ 4900 Bank service fees, not yet recorded by company $ 40 A NSF check from a customer, not yet recorded by the companys 735 The adjusted cash balance should be: $17,775 $18,485 $22,650 $17,750 $12,100 2) A company purchased equipment and signed a 6- year installment loan at 8% annual interest. The annual payments equal $9400. The present value for an annuity (series of payments) at 8% for 6 years is 4.6229. The present value of 1 (single sum) for 6 years at 8% is 0.6302. The present value of the loan is: $43,455. $5924. $9400. $14,916. $56,400. The following selected amounts are reported on the year-end unadjusted trial balance report for a company that uses the percent of sales method to determine its bad debts expense. Accounts receivable $ 428,000 Debit Allowance for Doubtful Accounts 1420 Debit Net Sales 2,270,000 Credit All sales are made on credit. Based on past experience, the company estimates 3.0% of credit sales to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense? 1. Debit Bad Debts Expense $69,520; credit Allowance for Doubtful Accounts $69,520. Debit Bad Debts Expense $68,100; credit Allowance for Doubtful Accounts $68,100. Debit Bad Debts Expense $66,680; credit Allowance for Doubtful Accounts $66,680. Debit Bad Debts Expense $14,260; credit Allowance for Doubtful Accounts $14,260. Debit Bad Debts Expense $12,840; credit Allowance for Doubtful Accounts $12,840. Ryan Company deposits all cash receipts on the day they are received and makes all cash payments by check. Ryan's June bank statement shows $26,361 on deposit in the bank. Ryan's comparison of the bank statement to its cash account revealed the following: Deposit in transit 3050 Outstanding checks 1269 Additionally, a $38 check written and recorded by the company correctly, was recorded by the bank as a $83 deduction. The adjusted cash balance per the bank records should be: 1. $28,097 $22,087 $28,142 $30,725 $28,187 Q5 A company borrowed $28,000 by signing a 180-day promissory note at 6%. The total to be paid at maturity of the note is: (Use 360 days a year.) 1. $35,280.00 $28,840.00 $33,740.00 $34,020.00 $34,860.00