Credit sales for the year were $60,000. Ending accounts receivable is $5,000. The Allowance for Doubtful...

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Credit sales for the year were $60,000. Ending accounts receivable is $5,000. The Allowance for Doubtful Accounts has a credit balance of $200. The accountant estimates that 2% of credit sales will b uncollectible. 1. Determine the uncollectible accounts expense and prepare the adjusting entry to record this expense. A. Debit Bad Debt Expense 1,200; Credit Allowance for Doubtful Accounts 1,200 B. Debit Bad Debt Expense 1,400; Credit Allowance for Doubtful Accounts 1,400 C. Debit Bad Debt Expense 1,000; Credit Allowance for Doubtful Accounts 1,000 D. Debit Bad Debt Expense 520; Credit Allowance for Doubtful Accounts 520 2. What is the net realizable value after the adjusting entry is made? A. $3,300 B. $3,480 C. $3,680 D. $3,600 3. If beginning accounts receivable is $8,000, how much cash has been collected from the customers this past year? 4. A. $49,000 B. $52,000 C. $63,000 D. $3,000 A customer signs a note receivable for $5,000, due in 180 days with an interest rate of 8%. Calculate the amount of interest due in 180 days. A. $120 B. $200 C. $320 D. $240 5. Prepare the journal entry for the payment of principal and interest in question #4. A. Debit Cash 5,120; Credit Note Receivable 5,000 and Credit Interest Revenue 120 B. Debit Note Receivable 5,000; Credit Interest Revenue 200 and Credit Cash 5,200 C. Debit Cash 5,320; Credit Note Receivable 3,000 and Credit Interest Revenue 320 D. Debit Cash 5,200; Credit Notes Receivable 5,000 and Credit Interest Revenue 200 6. The balance of the Allowance for Doubtful Accounts is added to Accounts Receivable on the balance sheet. A. True: B. False. Credit sales for the year were $60,000. Ending accounts receivable is $5,000. The Allowance for Doubtful Accounts has a credit balance of $200. The accountant estimates that 2% of credit sales will b uncollectible. 1. Determine the uncollectible accounts expense and prepare the adjusting entry to record this expense. A. Debit Bad Debt Expense 1,200; Credit Allowance for Doubtful Accounts 1,200 B. Debit Bad Debt Expense 1,400; Credit Allowance for Doubtful Accounts 1,400 C. Debit Bad Debt Expense 1,000; Credit Allowance for Doubtful Accounts 1,000 D. Debit Bad Debt Expense 520; Credit Allowance for Doubtful Accounts 520 2. What is the net realizable value after the adjusting entry is made? A. $3,300 B. $3,480 C. $3,680 D. $3,600 3. If beginning accounts receivable is $8,000, how much cash has been collected from the customers this past year? 4. A. $49,000 B. $52,000 C. $63,000 D. $3,000 A customer signs a note receivable for $5,000, due in 180 days with an interest rate of 8%. Calculate the amount of interest due in 180 days. A. $120 B. $200 C. $320 D. $240 5. Prepare the journal entry for the payment of principal and interest in question #4. A. Debit Cash 5,120; Credit Note Receivable 5,000 and Credit Interest Revenue 120 B. Debit Note Receivable 5,000; Credit Interest Revenue 200 and Credit Cash 5,200 C. Debit Cash 5,320; Credit Note Receivable 3,000 and Credit Interest Revenue 320 D. Debit Cash 5,200; Credit Notes Receivable 5,000 and Credit Interest Revenue 200 6. The balance of the Allowance for Doubtful Accounts is added to Accounts Receivable on the balance sheet. A. True: B. False.