Question 30 View Policies Current Attempt in Progress A $440 petty cash fund has cash of $90 and receipts of $340. The journal entry to replenish the account would include a debit to Cash for $340. debit to Cash Over and Short for $10. credit to Petty Cash for $340. credit to Cash for $340. Question 31 View Policies Current Attempt in Progress --/1 When using the balance sheet approach, the balance in Allowance for Doubtful Accounts must be considered prior to the end of period adjustment when using which of the following methods? Allowance method Direct write-off method Accrual method Cash realizable method Question 34 View Policies Current Attempt in Progress You have just received notice that a customer of yours with an account receivable balance of $100 has gone bankrupt and will not make any future payments. Assuming you use the allowance method, the entry you make is to debit Bad Debt Expense and credit Allowance for Doubtful Accounts debit Allowance for Doubtful Accounts and credit Accounts Receivable debit Allowance for Doubtful Accounts and credit Bad Debt Expense. debit Bad Debt Expense and credit Accounts Receivable. Question 35 01:40:31 Hide Tir View Policies Current Attempt in Progress Sheridan Company uses the percentage-of-receivables method for recording bad debt expense. The Accounts Receivable balance is $250000 and credit sales are $1000000 Management estimates that 5% of accounts receivable will be uncollectible. What adjusting entry will Sheridan Company make if the Allowance for Doubtful Accounts has a credit balance of $2500 before adjustment? Bad Debt Expense 10000 10000 Allowance for Doubtful Accounts Bad Debt Expense 7500 Accounts Receivable 7500 15000 Bad Debt Expense Allowance for Doubtful Accounts 15000 Bad Debt Expense 5000 Allowance for Doubtful Accounts 5000 Question 38 View Policies Current Attempt in Progress The interest on a $25000, 8%, 90-day note receivable is (Use 360 days for calculation.) $1000 $1500 $3000. $500. Save for Later Question 39 View Policies Current Attempt in Progress 01:39:04 Hide Timer Skysong, Inc. receives a $9500, 6-month, 6% promissory note from Sheridan Company in settlement of an open accounts receivable. What entry will Skysong, Inc. make upon receiving the note? Notes Receivable 9785 Accounts Receivable-Sheridan Company 9500 Interest Revenue 285 9500 Notes Receivable Accounts Receivable-Sheridan Company 9500 Notes Receivable 9500 285 Interest Receivable Accounts Receivable-Sheridan Company 9500 Interest Revenue 285