Question

5 questions

TZ CILJ At December 31, Gill Co, reported accounts receivable of $232,000 and an alowance for uncollectible accounts of $950 (credit before any adjustments An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 5% of accounts receivable. The amount of the adjustment for uncollectible accounts would be: Help Save & Exit At December 31, GH Co. reported accounts receivable of $227,000 and an allowance for uncollectible accounts of $1.500 (debit before any adjustments An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 5% of accounts receivable. The amount of the adjustment for uncollectible accounts would be: On February 1, 2021, Sanger Corp. lends cash and accepts a $2,500 note receivable that offers 14% interest and is due in six months. What would Sanger record on August 1, 2021, when the borrower pays Sanger the correct amount owed? (Do not round Intermediate calculations.) 2.675 117 2,558 2,500 2,500 A Cash Interest Revenue Notes Receivable B. Cash Accounts Receivable c. Cash Interest Revenue Notes Receivable D. Cash Notes Receivable 2.675 2,500 2,675 2.675 Help Save & Exit On September 1, 2021, Middleton Corp. lends cash and accepts a $1,400 note receivable that offers 5% interest and is due in six months. How much Interest revenue will Middleton Corp. report during 20217 (Do not round intermediate calculations. Round your answer to the nearest dollar amount DEA On September 1, 2021, Middleton Corp. lends cash and accepts a $19.000 note receivable that offers 9% interest and is due in six months. How much interest revenue will Middleton Corp. report during 2022? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.)

Answer 1

1
Amount of adjustment for uncollectible accounts	10650	=(232000*5%)-950
2
Amount of adjustment for uncollectible accounts	12850	=(227000*5%)+1500
3
Cash	2675
Interest Revenue		175	=2500*14%*6/12
Notes Receivable		2500
Option C is correct
4
Interest revenue reported during 2021	23	=1400*5%*4/12
5
Interest revenue reported during 2022	285	=19000*9%*2/12