Question

1.
Cost of Goods Sold = 3 x \$16 + 5 x \$18 = \$138
Sales = 8 x \$40 = \$320
Gross Profit = \$320 - \$138 = \$182

2.

 Balance as per books \$    2,903.00 Add : Note receivable and interest collected \$        722.00 Less : Bank Charges \$        -27.00 Less : NSF Check \$      -133.00 Adjusted Balance as per books \$    3,465.00

3. Bad debt expense = \$13663 - \$1096 = \$12567

Answer is c. Debit Bad debt expense \$12567, credit allowance for doubtful accounts \$12567

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