Question

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Use the following to answer questions 20-22 At the beginning of the year; MB, Inc.'s allowance for uncollectible accounts had a beginning balance of $5,000. On January 22nd, MB wrote off the A/R from customer for $400 20. Record the entry for write-off ADA 4MO A/ 400 21. $ By the end of the year (December 31"); total accounts written off were $4.910 (including the write off for customer C). What is the balance in the allowance for uncollectible accounts after all the write offs? 22. $ How much did bad debt expense change when the company wrote off the accounts receivables? 789101112 Use the following to answer questions 23-25 100,000r 5/12.04 The company invested $100,000 on July 1, 20XA at 4% simple interest for 27 months). 23.5 14.66.67_Determine interest revenue for 20XA 24 $4,000.00 Determine interest revenue for 20XB se 3,333,35 Determine interest revenue for 20XC Use the following to answer questions 26-27 The company invested $100,000 on April 1, 20XA at 5.5% simple interest for 15 months. 42100,000 7.55 x 5/2 26. $ 3.bbbb_Determine interest revenue for 20XA 27.5 3208833 Determine interest revenue for 20XB 2.000 Use the following to answer questions 28 - 30 The company lent $200,000 on November 1, 20XA at 6% simple interest for 18 months. 28. 5 , VOO Determine interest revenue for 20XA 29.5 12000 Determine interest revenue for 20x8 5,000 Determine interest revenue for 20XC Page 5-3 Chapter 5

Answer 1

Answer-20- [Debit] Allowance for uncollectible account $ 400
[Credit] Accounts receivables $ 400

21-Balance after write off =$5,000-$4,910= $90

22-Bad debts expenses does not change when writing off using allowance method.

23-$100,000*4%*6 months/ 12 month

=$$2,000

24-$100,000*4%*12/12= $4,000

25-$100,000*4%*9/12= $3,000

26-$100,000*5.5%*9/12= $4,125

27-$100,000*5.5%*6/12= $2,750

28-$200,000*6%*2/12= $2,000

29-$200,000*6%*12/12= $12,000

30- $200,000*6%*4/12= $4,000