The company's credit department previously written off a customer credit account. A few months later, the former customer mailed a cheque and paid off its debt. What affect does the payment of a previously written off account have on have on the income statement and balance sheet? W Select one: . Profit is decreased and total assets have decreased O b. Profit is unchanged and total asset have decreased O c. Profit is unchanged and total assets are unchanged O d. Profit is decreased and total assets are unchanged Your company has two outstanding notes receivable. On March 1, the company lent $78,500 to a customer, who signed a 6-month, 7% promissory note. On May 1, the company lent $25,600 to a second customer, who signed a 11-month, 6% promissory note. Your company's fiscal year end is July 31. Interest is calculated based on months. How much accrued interest would you recognize at year end for the two notes? Type your answer below to the nearest $0.01 with no comma or $ sign (e.g. 2398.61). Answer: On March 1, accounts payable had a normal balance of $8,600. During the month, the three journal entries were recorded that affected the amount owned to the business's suppliers. Mar. 2 Accounts payable Cash. 2,900 2,900 Mar. 2 Accounts payable Cash... 3,100 3,100 1,300 Mar. 9 Telephone expense... Accounts payable. 1,300 What is the Accounts Payable account balance after these entries are posted? Select one: a. $3,900 credit O b. $4,700 debit O c. $1,300 credit O d. $15,900 credit A business showed the following account balances at year end. Accounts receivable 21,700 Equipment 23,900 Prepaid expenses 1,500 Cash 13,000 Flinn, Withdrawals 46,000 Service revenue 113,500 Flinn, Capital 53,900 Notes payable 19,000 Accounts payble 21,300 Wage expense 74,600 Rent expense 27,000 Assuming that all accounts have normal balances, what are the total debits and credits for the trial balance? Select one: a. $222,300 O b. $207,700 Oc. $215,300 Od $190,100 e. $169,500