Answered step by step
Verified Expert Solution
Question
1 Approved Answer
8. The entry to record a write-off of an uncollectible account when using the direct write off method involves a debit to Allowance for Bad
8. The entry to record a write-off of an uncollectible account when using the direct write off method involves a debit to Allowance for Bad Debts b. debit to Accounts Receivable C. credit to Cash d. debits to Bad Debts Expense 9. A copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose you company sold the machine for $1,000. What is the result of the disposal transaction? a. No gain no loss b. Loss of $1,000 c. Gain of $1,000 d. Loss of $45,000 10. Your company sells $180,000 (selling price) of goods and collects sales of tax of 8%. What curre liability does the sales create? a Sales revenue of $194,400 b. Unearned Revenue of $194,400 c. Sales tax payable of $14,400. d. Sales revenue of $180,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started