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Use the following to answer questions 24-27:- 2,500 On January 1, 20X2 the accounts receivable and the allowance for doubtful accounts carried balances of $30,000 and $500, respectively. During the year the company reported $ 70,000 of credit sales. There were $550 of receivables written-off as uncollectible in 20X2. Cash collections of receivables amounted to $74,550. The company estimates that 5% of their accounts receivable will be uncollectible. 24. The amount of uncollectible accounts expense recognized in the 20X2 income statement will be: a. $1,195. AR Poverwe b. $1,245. 30,000 170,oo c. $1,295. d. $795. "Allocane Dasht 1 500 25. The entry to recognize the write-off of the uncollectible accounts will act to: a. increase total assets and total equity. b. decrease total assets and total equity. c. increase total assets and decrease total equity. d. Not affect total assets or total equity. 70 26. The entry required to recognize the uncollectible accounts expense for 20x2 will act to: a. increase total assets and equity. b. decrease total assets and increase equity. c. decrease total assets and equity. d. increase total assets and decrease equity. 27. The net realizable value of receivables appearing on the 20x2 balance sheet will amount to: a. $24,900 b. $23,655. c. $24,350. d. $23,155. month 5% note. Principal and interest will be

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