Which accounts are affected, and in which direction, by the following business transaction? You estimate that one specific customer's account will not be collected in future, and you write it off. 1) Accounts receivable increases 2) Allowance for doubtful accounts increases 3) Allowance for doubtful accounts decreases 4) Bad debt expense increases 5) Bad debt expense decreases 6) Cash increases 7) Cash decreases 8) Accounts receivable decreases Which accounts are affected, and in which direction, by the following business transaction? A customer whose account was written off two years ago sends you a cheque. 1) Bad debt expense increases 2) Allowance for doubtful accounts decreases 3) Accounts receivable decreases 4) Allowance for doubtful accounts increases 5) Cash increases 6) Accounts receivable increases 7) Bad debt expense decreases 8) Sales revenue decreases 9) Sales revenue increases 10) Cash decreases Which accounts are affected, and in which direction, by the following business transaction? For this question, ignore inventory and cost of goods sold. A customer returns goods which you previously sold to him on credit, $2,500. He has not paid for them yet. 1) Sales revenue decreases 2) Cash increases 3) Sales revenue increases 4) Sales returns and allowances increases 5) Sales returns and allowances decreases 6) Accounts receivable increases 7) Cash decreases 8) Accounts receivable decreases Which accounts are affected, and in which direction, by the following business transaction? You receive $1,500 cash from a customer. You previously sold goods on credit. 1) Accounts receivable increases 2) Sales returns and allowances decreases 3) Sales returns and allowances increases 4) Cash increases 5) Sales revenue decreases 6) Sales revenue increases 7) Accounts receivable decreases 8) Cash decreases Which accounts are affected, and in which direction, by the following business transaction? For this question, assume that this is the business's first period of operation and the opening balance in the allowance for doubtful accounts is zero. You estimate that 5% of your outstanding accounts receivables will not be collected in future. 1) Allowance for doubtful accounts increases 2) Bad debt expense decreases 3) Cash increases 4) Cash decreases 5) Accounts receivable decreases 6) Allowance for doubtful accounts decreases 7) Bad debt expense increases 8) Accounts receivable increases Which accounts are affected, and in which direction, by the following business transaction? For this question, ignore inventory and cost of goods sold. Sale to a customer on credit, $4,500. 1) Accounts receivable increases 2) Accounts receivable decreases 3) Accounts payable decreases 4) Sales revenue increases 5) Sales revenue decreases 6) Cash increases 7) Accounts payable increases 8) Cash decreases Question 11 (2 points) At the end of the year, Bryce Company's accounting records showed that they had 175 items in stock at a FIFO cost of $15 each. These normally sell for $20 each. Due to increased competition, these items can now be sold for only $10 each. What is the amount of an adjustment, if any, that must be made to the value of the inventory at year-end? Enter digits only, with no commas, decimal points, or dollar signs. Type O if no adjustment is needed