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Question 45) The December 31, 2018 statement of financial position of Ocean Breezes Ltd reported Accounts Receivable of $450,000 and the Allowance for Doubtful Accounts of $45,000 (credit). During 2019, the following selected transactions occurred: 1. service revenue billed on account: $1,500,000; 2. accounts receivable written off: $37.000; 3. previously written off accounts of $4,000 were collected The journal entry for transaction 2 would involve: a. a debit of $37,000 to bad debt expense. Ob. a credit of $37,000 to allowance for doubtful accounts. O c. a debit of $37,000 to cash. d. a credit of $37,000 to bad debt expense. e. a credit of $37,000 to accounts receivable. Questiul 31 point) Question 61) FALL Ltd has the following selected transactions during the year ended December 31, 2019: January 1: Purchased a copyright for $90,000 cash and incurred legal fees amounting to $15,000 to defend it in court. The copyright has a useful life of six years and a remaining legal life of 30 years. March 1: Acquired a franchise with a contract period of nine years for $540,000; the expiration date is March 1, 2027. Paid cash of $40,000 and borrowed the remainder from the bank. September 1: Purchased a trademark for $75,000 cash. The adjusting entry on December 31 for the transaction on September 1 would include: d. a credit to accumulated amortization for $15.000 The adjusting entry on December 31 for the transaction on September 1 would include: d. a credit to accumulated arrtization for $15,000 O a. a debit to franchise for $75,000 c. a credit to accumulated amortization for $5.000 b. a debit to amortization expense for $5,000 ce. no entry