Trimerica Corporation had an accounts receivable balance of $65,000 on October 1, 2019 and a balance of $30,000 on October 31, 2019. Assuming Trimerica recorded $17,000 of credit sales during October, how much cash did Trimerica collect on accounts receivable during the month?

Select one:

a. $18,000

b. $112,000

c. $52,000

d. $35,000

Horner Inc. retired a $450,000, 5% bond issue at 98. If the unamortized premium on that date were $3,540, the entry will include a:

Select one:

a. Debit to loss on bonds payable for $3,540

b. Debit to loss on bond retirement for $12,540

c. Credit to gain on bond retirement for $12,540

d. Credit to gain on retirement for $3,540