The unadjusted trial balance at year-end for a company that uses the percent of receivables method to determine its bad debts expense reports the following selected amounts: $ Accounts receivable Allowance for Doubtful Accounts Net Sales 437,000 Debit 1,270 Debit 2,120,000Credit All sales are made on credit. Based on past experience, the company estimates 2.5% of ending account receivable to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense? Multiple Choice Debit Bad Debts Expense $15,300, credit Allowance for Doubtful Accounts $15,300. Debit Bad Debts Expense $10,925, credit Allowance for Doubtful Accounts $10,925. Debit Bad Debts Expense $9,655; credit Allowance for Doubtful Accounts $9,655. Debit Bad Debts Expense $5,300, credit Allowance for Doubtful Accounts $5,300 The following information is available for Birch Company at December 31: Money market fund balance Certificate of deposit maturing June 30 of next year Postdated checks from customers Cash in bank account NSF checks from customers returned by bank Cash in petty cash fund Inventory of postage stamps U.S. Treasury bill purchased on December 15 and maturing on February 28 of following year 2,95 $16,600 1,875 $24,831 $ 810 $360 $ 34 $11,600 Based on this information, Birch Company should report Cash and Cash Equivalents on December 31 of Multiple Choice $38,941 $55,541 $43,975 541,626 S40,006 Easton Co deposits all cash recelpts on the day they are recelved and makes all cash payments by check. At the close of business on June 30, its Cash account shows a debit balance of $70,209 Easton's June bank statement shows $66,349 on deposit in the bank. Determine the adjusted cash balance using the following information Deposit in transit Outstanding checks Check printing fee, not yet recorded by company Interest earned on account, not yet recorded by the company $6,800 $2,925 $ 35 50 The adjusted cash balance should be Multiple Choice $70,174 $70.259 73,149 $63,424 70,224