The September 30,2020 balance sheet of ABC Corporation disclosed the following information relating to its receivables Accounts Receivable General (net of $18,000allowance)$342,000 ABC prepares quarterly financial statements The following occurred during the fourth quarter of 2020 1 During the 4th quarter,ABC had credit sales of $2,600,000 and collections on accounts receivable (general)of $2,300,000 Uncollectible accounts totaling $19,000 were written off, and a $2,600 accounts receivable previously written off was collected (not included in the $2,300,000 of cash collections reported above ) 2 On November 1, ABC assigned $300,000 of accounts receivable to Quicken Finance on a non notification basis Quicken advanced ABC cashproceeds for 85 of the accounts assigned, less a finance fee of $5,000, in exchange for an interest bearing note The note incurs interest at 1 per month on the outstanding loan balance Cash collections from these assigned accounts are to be remitted monthly to Quicken Finance and include accrued interest (i e the cash collected each month must be used to repay both principal and interest on the note ) During November, ABC collected $150,000 on assigned accounts ABC also accepted sales returns of $2,000 The November collections were remitted to Quicken on November 30th and included accrued interest for the month During December, ABC wrote off $3,000 of assigned accounts as uncollectible By December 31st, assigned accounts of $80,000 were collected in cash These cash collections were remitted to Quicken Finance on December 31, 2020, and included accrued interest for December Q1 a Determine the ending balance of Accounts Receivable General as of December 31, 2020 A $377,000 B $323,000 C $341,000 D $360,000 Q2 B To record the December journal entry to write off the $3,00 uncollectibleaccount that had been assigned, you would debit and credit which of the following account titles Q3 C Determine the ending balance of the Accounts Receivable Assigned as of December 31, 2020 A $70,000 B $67,000 C $65,000 D $60,000 Q4 C Determine how much Interest Expense ABC should report on their Income Statement for the month ended November 30, 2020 Group of answer choices A $2,550 B $5,000 C $8,626 D $7,550 Q5 D Determine the ending balance of the Note Payable as of December 31, 2020 A $28,626 B $25,000 C $27,550

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The September 30,2020 balance sheet of ABC Corporation disclosed the following information relating to its receivables: Accounts Receivable-General (net of $18,000allowance)$342,000 ABC prepares quarterly financial

The September 30,2020 balance sheet of ABC Corporation disclosed the following information relating to its receivables:

Accounts Receivable-General (net of $18,000allowance)$342,000

ABC prepares quarterly financial statements.The following occurred during the fourth quarter of 2020:

1.During the 4th quarter,ABC had credit sales of $2,600,000 and collections on accounts receivable (general)of $2,300,000.Uncollectible accounts totaling $19,000 were written off, and a $2,600 accounts receivable previously written off was collected (not included in the $2,300,000 of cash collections reported above.)

2.On November 1, ABC assigned $300,000 of accounts receivable to Quicken Finance on a non-notification basis.Quicken advanced ABC cashproceeds for 85% of the accounts assigned, less a finance fee of $5,000, in exchange for an interest-bearing note.The note incurs interest at 1% per month on the outstanding loan balance.Cash collections from these assigned accounts are to be remitted monthly to Quicken Finance and include accrued interest (i.e. the cash collected each month must be used to repay both principal and interest on the note.)

During November, ABC collected $150,000 on assigned accounts.ABC also accepted sales returns of $2,000.The November collections were remitted to Quicken on November 30th and included accrued interest for the month.
During December, ABC wrote off $3,000 of assigned accounts as uncollectible.By December 31st, assigned accounts of $80,000 were collected in cash.These cash collections were remitted to Quicken Finance on December 31, 2020, and included accrued interest for December.

Q1 a.Determine the ending balance of Accounts Receivable - General as of December 31, 2020:

A.$377,000

B.$323,000

C.$341,000

D.$360,000

Q2 B. To record the December journal entry to write off the $3,00 uncollectibleaccount that had been assigned, you would debit and credit which of the following account titles?

Q3 C. Determine theending balance of the Accounts Receivable -Assignedas of December 31, 2020:

A.$70,000

B.$67,000

C.$65,000

D.$60,000

Q4 C.Determine how much Interest Expense ABC should report on their Income Statement for the month-endedNovember 30, 2020:

Group of answer choices

A.$2,550

B. $5,000

C. $8,626

D. $7,550

Q5 D.Determine theending balance of the Note Payableas of December 31, 2020: