Winkler Company borrows $89,000 and pledges its receivables as security. The journal entry to record this transaction would be: Multiple Choice Debit Cash of $89,000 and credit Accounts Receivable $89,000. Debit Cash of $89,000 and credit Accounts Payable $89,000. Debit Note Receivable $89,000 and credit Accounts Receivable $89,000. Debit Cash $89,000 and credit Notes Payable $89,000. Debit Accounts Receivable $89,000 and credit Notes Payable $89,000. On February 1, a customer's account balance of $2,600 was deemed to be uncollectible. What entry should be recorded on February 1 to record the write-off assuming the company uses the allowance method? Multiple Choice Debit Accounts Receivable $2,600; credit Allowance for Doubtful Accounts $2,600 Debit Bad Debts Expense $2600; credit Accounts Receivable $2.600. Debit Allowance for Doubtful Accounts $2,600; credit Accounts Receivable $2,600 Debit Bad Debts Expense $2,600; credit Allowance for Doubtful Accounts $2,600 Debit Allowance for Doubtful Accounts $2,600, credit Bad Debts Expense $2,600 A company ages its accounts receivables to determine its end of period adjustment for bad debts At the end of the current year, management estimated that $33,000 of the accounts receivable balance would be uncollectible. Prior to any year-end adjustments, the Allowance for Doubtful Accounts had a debit balance of $950. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense? Multiple Choice Bad Debts Expense 33,000 Allowance for Doubtful Accounts 33,000 Bad Debts Expense 32,e50 Allowance for Doubtful Accounts 32,050 Bad Debts Expense 33,950 Allowance for Doubtful Accounts 33,950 Accounts Receivable 33,000 950 Bad Debts Expense Sales 33,95e Accounts Receivable 33, 95e Allowance for Doubtful Accounts 33,95e A company has $95,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. Experience suggests that 5% of outstanding receivables are uncollectible. The current balance (before adjustments) in the allowance for doubtful accounts is a(n) Sas etet ejurfor oance ues to Bad Debts Expense Multiple Choice $3,900 $4,750 $5,600 $850 None of these is correct. Valley Spa purchased $8,000 in plumbing components from Tubman Co. Valley Spa Studios signed a 90-day, 8% promissory note for $8,000. If the note is dishonored, what is the amount due on the note? (Use 360 days a year.) Multiple Choice $8,330 $8,000 $8,160 $8,250 $160