Question 22 1 pts ABC Company had credit sales during the current year which amounted to $700,000. Historically, 3% of credit sales are uncollectible. If ABC uses the allowance method of recording uncollectible accounts, a proper journal entry for the year would be Dr Bad Debts Expense 21,000 Cr Accounts Receivable 21,000 Dr Bad Debts Expense 21,000 Cr Allowance for bad debts 21,000 Dr Allowance for bad debts 21,000 Cr Accounts Receivable 21,000 D Question 23 1 pts Flynn Company uses an allowance method for recording uncollectible accounts. Flynn determined that $4,000 due from Mitchell will not be collected. The entry Flynn should record to write off the Mitchell account is: Dr Bad Debts Expense 4,000 Cr Accounts Receivable 4,000 Dr Sales 4,000 Cr Accounts Receivable 4,000 Dr Bad Debts Expense 4,000 Cr Allowance for bad debts 4,000 Dr Allowance for bad debts 4,000 Cr Accounts Receivable 4,000 Microsoft Autoudu Updates are ready to Question 10 1 pts refers to the difference between the rate of return earned on assets (RON and the rate of return earned on stockholder's equity (ROE). annual percentage rate financial leverage long-term debt stated rate 1 pts Question 11 Retained earnings will change over time because of several factors. Which of the following factors would explain an INCREASE in retained earnings? net loss Net Income Cash Dividends Stock Dividends ni w s Question 20 1 pts co Microsoft Auto Updates are A - L + OE $630,000 = $335,000 + + (Rev - Exp = Net Income) $200,000 + ($350,000 - $? - $95,000) 1 pts D Question 21 Given the accounting equation below, solver for Liabilities and ending retained earnings. (Hint: solve the unknown in the parentheses first.) A = L + OE + (Beg.RE + NI . DIV - End.RE) $325,000 = $? + $40,000+ $42,000+ $113,000 - $65,000 - $? ) Liabilities - Retained Earnings - liab - 285000 RE = 90000 liab-195000, RE = 90000 liab-195000, RE - 155000 liab - 285000, RE - 155000 Updates a 1 pts ABC Company had credit sales during the current year which amounted to $700,000. Historically, 3% of credit sales are uncollectible. If ABC uses the allowance method of recording uncollectible accounts, a proper journal entry for the year would be Dr Accounts Receivable 21,000 Cr Allowance for bad debts 21.000 Dr Bad Debts Expense 21,000 Cr Accounts Receivable 21,000 Dr Bad Debts Expense 21,000 Cr Allowance for bad debts 21,000 Dr Allowance for bad debts 21,000 Cr Accounts Receivable 21,000 1 pts Question 23 Flynn Company uses an allowance method for recording uncollectible accounts. Flynn determined that $4,000 due from Mitchell will not be collected. The entry Flynn should record to write off the Mitchell account is: Dr Bad Debts Expense 4,000 Cr Accounts Receivable 4,000 Dr Sales 4,000 Cr Accounts Receivable 4,000 Dr Bad Debts Expense 4,000 Cr Allowance for bad debts 4,000 Dr Allowance for bad debts 4,000 Cr Accounts Receivable 4,000
