Question 15 (2 points) Saved A company uses the allowance method to account for uncollectible accounts receivable. The credit balance of the allowance before adjusting entries is $56,000. Accounts receivables on 12/31/18 (end of 2018 fiscal year) are $750,000. The company uses different percentages depending on the age of the receivable, as in the following table. DAYS SINCE INCEPTION 31 -60 61-90 Above 90 $210,000 $170,000 $140,000 9% 15% 0-30 $230,000 5% TOTAL $750,000 A/R Balance Allow. % 7% QUESTION: What amount is debited to the Bad Debt Expense on 12/31? NOTE: Do not include the $ symbol in the answer. Also, use the comma to separate the thousands. For example, a correct answer will be "45,000", not "$45,000" or "45000" -45000" 62,500 Question 17 (16 points) Saved (continued from the previous question) Which of the following statements are correct? (select all that apply - i.e., just one or as many as all of them) The journal entries recorded on 12/31 reduce the net cash balance reported on the Balance Sheet The journal entries recorded on 12/31 reduce the balance of net receivables reported on the balance sheet The journal entries recorded on 12/31 increase the company's quick ratio The journal entries recorded on 12/31 reduce the net income reported on the income statement