6). Accounts Receivable. In 20X8 one of Swingline's customers, Sonic Corporation's entire receivable balance was...
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6). Accounts Receivable. In 20X8 one of Swingline's customers, Sonic Corporation's entire receivable balance was written off as uncollectible. In 20X9 Swingline unexpectedly received some of the amounts due from Sonic. Additional information: Amount of receivable written off in 20X8 $ 87,500 Amount collected in 20X9 $ 18,700 The journal entry or entries required are as follows:
A. Accounts Receivable $ 18,700 Allowance for Doubtful Accounts $ 18,700 AND Cash $ 18,700 Accounts Receivable $ 18,700 B. Accounts Receivable $ 87,500 Allowance for Doubtful Accounts $ 87,500 AND Cash $ 18,700 Accounts Receivable $ 18,700 C. Cash $ 18,700 Accounts Receivable $ 18,700 D. Accounts Receivable $ 87,500 Allowance for Doubtful Accounts $ 87,500 AND Cash $ 87,500 Accounts Receivable $ 87,500
7.) A. Trade accounts receivable B. Non-trade note receivable C. Trade notes receivable D. None of the above
8.) A legally restricted compensating balance to be used to satisfy a long-term Note Payable is reported: A. In cash and cash equivalents B. In accounts payable C. As a long-term asset called compensating balance D. As a short-term asset called compensating balance
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