On January 1, 2017, Everlight Corp. has the following account balances: Accounts Receivable 20,000 Allowance...
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On January 1, 2017, Everlight Corp. has the following account balances: Accounts Receivable 20,000 Allowance for Bad Debts 1,200 Bad Debts Expense During the year, Everlight has $155,000 of credit sales, collections of credit sales of $143,000, and write-offs of $3,300. It records bad debts expense at the end of the year using the aging-of-receivables method. At the end of the year, the aging analysis shows that $1,700 is the estimate of uncollectible accounts. Before the year-end entry to adjust the bad debts expense is made, the balance in the Allowance for Bad Debts expense is Select one: O A. a zero balance OB. a debit of $2,100 OC. a debit of $3,300 OD. a credit of $4,500 Question 7 Not yet answered Marked out of 1.00 P Flag question On July 7, Landview Bank lent $530,000 to Classical Music Shop on a 60 day, 4% note. What is the maturity value of the note? (Use a 360-day year and round answers to the nearest dollar.) Select one: A. $533,533 OB. $551,200 OC. $530,000 OD. $533,485
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