TRANSACTION ANALYSIS: Dartmouth Ties Corporation is a merchandising company that has been in operation for two years. The company sell high-end ties for men. They purchase their inventory from overseas companies with fair trade agreements and sell their products in the U.S. Below find a number of activities that occurred during the year. Please select the correct journal entry for each transaction. Transactions that are related will have the same transaction number. (Answer Q.17 to Q.33)

Q20. Transaction 1D December 10, 20xx: How much did Dartmouth Tie Corporation receive from Nordstrom as payment?

	A.	$170,000
	B.	$200,000
	C.	$180,000
	D.	$196,000

TRANSACTION ANALYSIS: Dartmouth Ties Corporation is a merchandising company that has been in operation for two years. The company sell high-end ties for men. They purchase their inventory from overseas companies with fair trade agreements and sell their products in the U.S. Below find a number of activities that occurred during the year. Please select the correct journal entry for each transaction. Transactions that are related will have the same transaction number. (Answer Q.17 to Q.33)

Q21. Transaction 2A - December 31, 20xx: The Allowance for Doubtful Accounts account has a $6,000 beginning (credit) balance. Bad debt expense is estimated to be 2% of net credit sales of $1,000,000. Present the necessary year-end adjusting entry for bad debt expense related to uncollectible accounts using the Percentage of Credit Sales method.

	A.	Debit: Allow for Doubtful Accts Credit: Bad Debt Expense
	B.	Debit: Bad Debt Expense Credit: Allow for Doubtful Accts
	C.	Debit: Cash Credit: Bad Debt Expense
	D.	Debit: Sales Revenue Credit: Allow for Doubtful Accts

1. TRANSACTION ANALYSIS: Dartmouth Ties Corporation is a merchandising company that has been in operation for two years. The company sell high-end ties for men. They purchase their inventory from overseas companies with fair trade agreements and sell their products in the U.S. Below find a number of activities that occurred during the year. Please select the correct journal entry for each transaction. Transactions that are related will have the same transaction number. (Answer Q.17 to Q.33)

   Q23. Transaction 3A - May 1, 2018: Dartmouth Ties Corporation signed a $100,000, interest-bearing note payable. It was for two years and specified 6 percent annual interest payable at the maturity date of the note. Indicate the correct transaction below:

   	A.	Debit: Cash Credit: Short-term Note Payable
   	B.	Debit: Cash Credit: Acct Payable
   	C.	Debit: Cash Credit: Long-term Note Payable
   	D.	Debit: Long-term Note Payable Credit: Cash