Ray Company uses the direct write-off method. On July 20, the company determines that it cannot collect $277 of its accounts receivable from a customer, D. Perry. In the journal entry to write off Perry's account, the company will: If a company has $17,000 in liabilities and $2,500 in equity, then what is the amount of its assets? Glenn Company borrows $110,000 cash on May 15, 2019, by signing a 60-day, 12% note with a face value of $110,000. The note matures on July 14, 2019. The company's accounting period ends on December 31. (When calculating the amount of interest, assume a 360-day year.) How much interest expense will the company record on July 14, 2019? On January 1, 2021, Shelby Company issued $250,000, 10-year, 7% bonds at 98. Interest is paid semiannually on each June 30 and December 31. The maturity date is December 31, 2030. What journal entry will the company record when it issues the bonds on January 1, 2021? O Debit Cash $245,000; credit Discount on Bonds Payable $5,000; credit Bonds Payable $250,000. Debit Cash $245,000; debit Discount on Bonds Payable $5,000; credit Bonds Payable $250,000 Debit Cash $250,000; credit Bonds Payable $250,000. Debit Cash $250,000; credit Discount on Bonds Payable $5,000; credit Bonds Payable $245,000