On February 1, 2015, Sanger Corp. lends cash and accepts a $2,000 note receivable that...
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On February 1, 2015, Sanger Corp. lends cash and accepts a $2,000 note receivable that offers 10% and is due in six months. What would Sanger record on August 1, 2015, when the borrower pays Sanger the correct amount owed? Option a. Option b. Option c. Option d. When $2,500 of accounts receivable are determined to be uncollectible, which of the following should be company record to write off the accounts using the allowance method? A debit to Bad Debt Expense and a credit to Allowance for Uncollectible Accounts. A debit to Allowance for Uncollectible Accounts and a credit to Bad Debt Expense. A debit to Bad Debt Expense and a credit to Accounts Receivable. A debit to Allowance for Uncollectible Accounts and a credit to Accounts Receivable. Baker Fine Foods has beginning inventory for the year of $12,000. During the year, Baker purchases inventory for $150,000 and ends the year with $20,000 of inventory. Baker will report cost of goods sold equal to: $150,000. $158,000. $142,000. $170,000
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