Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. our company has an account receivable for $12,500

Our company has an account receivable for $12,500 that we have now deemed uncollectible. We...

90.2K

Verified Solution

Question

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

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

Consider the function f(x)= tan 1/x Use the following table to guess the limit f(x) as...

Medical Sciences
1.2K views

1 What are some barriers to health care experienced by lesbians? What are some barriers experienced...

Chemistry
1.2K views

Ammonium bisulfide, NH4HS, forms ammonia, NH3, and hydrogen sulfide, H2S, through the reaction NH4HS(s)?NH3(g)+H2S(g) This reaction has a...

Programming
1.2K views

Using eclipse IDE, create a java project and call it applets. Create a package and...

Accounting
1.2K views

At the beginning of July, CD City has a balance in inventory of...

Accounting
1.2K views

Unter Components manufactures low-cost navigation systems...

Accounting
1.2K views

please show work...thank you! 34. LO.1, 3 Complete the following schedule for each...

Accounting
1.2K views

At June 30, 2017, the end of its most recent fiscal year, Riverbed Computer Consultants'...

Accounting
1.2K views

14. Recording inventory at net realizable value is permitted, even if it is above cost,...

Accounting
1.2K views

Try Harder Company just completed their year end bank reconciliation, Dec 2023, and identified the...

Accounting
1.2K views

2. Find the planned June open-to-buy dollars for the activewear department if: a. June sales...

Accounting
1.2K views

A perpetuity earning 4.00% compounded semi-annually is started with a $159,000.00 investment. How much money...