Question

y will QUESTION 14 AS400 petty cash Band 100 in cash remaining and receipts of 180. When lopees the O A $20 debit to cash short and over Oba 5120 credit to cash short and over O credit to petty cash of $100 Od a credit to cash of $300 QUESTION 15 Which is NOT a natural resource? O Patent 0 он O Gas Timber QUESTION 16 Allowance for Doubtful Account has a credit balance of $500 at the end of the year before w adjusting entry to record the estimated collectible accounts receivables is O a. 58.500 est and bad debt espeses d e les forc e 100.000 the OD 59,500 Oc59,000 Od not be determined QUESTION 17 Jeffen wes the percent of method of estimating collectible expenses Based on past history. 2 of credit sales are expected to be collectible Sales for the 0 0W a lad det expenses estimated to be $11.100 Ob tecollectible accoun t ed to be S111,000 Oc Uncollectible accou s timated to be $55.500 Od Bad debt expenses estimated to be 55,550

Answer 1

14. A $400 petty cash fund has $100 in cash remaining and receipt $180. The journal entry will include:

d. A credit to cash $300

15. Patent is not a natural resource.

first option is correct option.

16. Bad debt expense = Credit sales x % estimated as uncollectible - Existing credit balance in allowance for doubtful accounts

= 300,000 x 3% - 500

= 9,000-500

= $8,500

Correct option is a.

17.

Bad debt expense = Credit sales x % estimated as uncollectible

= 5,550,000 x 2%

= $111,000

Correct option is b.

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