Remaining Time: 1 hour, 50 minutes, 24 seconds. Question Completion Statu Close Window Moving to another question will save this response. Question 7 Question 7 of 21 4 points Save A Donald owner of Dallas Company, begin accounting for bad debts expense. Assume that Dallas Company has total revenues of $158.000 during 2019 and the Accounts Receivable balance on December 31 2019, is $84,000 Required: 1. Prepare the adjusting entry to record bad debts expense, which are estimated to be 3% of total sales on December 31, 2019 There is a zero unadjusted balance in the Alowance for Doutiful Accounts at December 31 2. Prepare the aqusting entry to record bad debts expense, which are estimated to be 5% of accounts recevable on December 31, 2019. There is a zero unadjusted balance in the Allowance for Doubitul Accounts at December 31 For the toolbar, press ALT-F10 (PC) or ALT-EN-P10 (Mac . L.P BIVS Paragraph Arial 14px Moving to another question will save this response E A 21 WORDS POWERED BY T Question 7 of 21 Force Your answers are saved Remaining Time: 1 hour, 50 minutes. 05 seconds. Question Completion Status: Moving to another question will save this response. Question 8 All of the following affect owner's Claims on Assets, except: OA Expenses 08. Owner's withdrawals oc Equipment D. Owner's contributions Moving to another question will save this response. Tab EXC Q @2 W Y 10+ 2 #3 3 T LLI E FA C 16 % 85 2 94 4 R 3 T C P Fe F7 6 > & 27 Remaining Time: 1 hour, 49 minutes, 50 seconds. Question Completion Status: Moving to another question will save this response. Question 1 Anderson Company has the following balances: Anderson, Capital $570,000 Anderson, Withdrawals 234.500 Fees earned 379.000 Depreciation Expense-Equipment 43.250 Wages expense 95,000 Interest expense 9.600 Insurance expense Rent expense 35.600 42.500 Which of the following entries would be used to close the withdrawal account? a Debit Anderson's Capital $234,500 credit Anderson's Withdrawals $234,500 b. Debit income Summary $570,000: credit Anderson's, Capital $570,000 c. Debit Andersons's Withdrawals $234500 credit Anderson's Capital $234.500 d. Debit Anderson's Capital $570.000: credit income Summary $570,000 D a Question Completion Status: Moving to another question will save this response. Question 2 Before closing the accounts. Anderson Company has the following balances: Anderson, Capital $570,000 Anderson, Withdrawals 234.500 Fees earned 879,000 Depreciation Expense-Equipment 43,250 Wages expense 95.000 Interest expense 19,600 Insurance expense 35.600 Rent expense 42.500 What will be the amount in the income summary account that should be closed to Anderson capital? a. $879.000 b. $235.950 c. 5408.550 d. 5643.050 Remaining Time: 1 hour, 49 minutes, 29 seconds. Question Completion Status: Moving to another question will save this response. Question 3 XYZ company completed half of the work related to 60,000 related to cash received in advance. A Cash 30,000 Unearned Revenue 30,000 B. Unearned Revenue. 30,000 Service Revenue 30,000 C Unearned Revenue 60,000 Service Revenue 60,000 D. Cash 30,000 Accounts Receivables. 30,000 Moving to another question will save this response