1. Entity G uses the allowance method for uncollectible accounts. When it later writes off an account receivable, it should:

   		debit bad debt expense and credit accounts receivable.
   		debit allowance for doubtful accounts and credit accounts receivable.
   		debit sales returns and allowances and credit accounts receivable
   		none of the above.

3 points

QUESTION 20

1. Entity A reported the following items on its balance sheet at the end of the current year. All accounts are listed. Cash $ 57,000 Accounts payable $ 42,000 Prepaid Insurance 2,000 Taxes payable 12,000 Property, plant, & equip. 140,000 Long-term debt 62,000 Common stock 100,000 Accounts receivable 56,000 Retained earnings ? Inventory 30,000 What is Entity As Retained Earnings balance at the end of the current year?

   		$169,000
   		$69,000
   		$285,000
   		$116,000

3 points

QUESTION 21

1. Entity A reported the following items on its balance sheet at the end of the current year. All accounts are listed. Cash $ 57,000 Accounts payable $ 42,000 Prepaid Insurance 2,000 Taxes payable 12,000 Property, plant, & equip. 140,000 Long-term debt 62,000 Common stock 100,000 Accounts receivable 56,000 Retained earnings ? Inventory 30,000

   What amount will Entity A report on its balance sheet for Total Assets?

   		$285,000
   		$64,000
   		$116,000
   		$286,000 URGENT