Our company has an account receivable for $12,500 that we have now deemed uncollectible. We...
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Accounting
Our company has an account receivable for $12,500 that we have now deemed uncollectible. We use the direct write-off method. Which of the following accounts would we debit to record the write-off?
a) accounts receivable
b) allowance for doubtful accounts
c) bad debt expense
d) cash
Our company signed a 180-day 7% note for $100,000. Using a 360-day year, what is the total interest due on the maturity date?
a) $1,750
b) $2,625
c) $3,500
d) $7,000
Our company had the following balances and transactions during the current year related to merchandise inventory.
Beginning merchandise inventory on January 1
100 units at $75 per unit
Purchase on February 14
100 units at $80 per unit
Sale on August 21
150 units
What would be the companys cost of goods sold in dollars on December 31 if the company used perpetual, weighted average (WA) costing method?
a) $4,000
b) $3,750
c) $11,625
d) $11,750
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