40000 if the balance for the allowance for doubtful

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Principles of Economics
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Chapter 7 / Exercise 1
Principles of Economics
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$40,000. If the balance for the Allowance for Doubtful Accounts is a $9,000 credit before adjustment, what is the amount of bad debt expense for the period? 22. Using the allowance method, the uncollectible accounts for the year is estimated to be
$40,000. If the balance for the Allowance for Doubtful Accounts is a $9,000 debit before adjustment, what is the amount of bad debt expense for the period? 23. In reviewing the accounts receivable, the cash receivable value is $21,000 before the
write-off of a $1,500 account. What is the cash receivable value after the write-off?
24. The two key parties to a promissory note are the maker and the payee 25. The interest on a $5,000, 10%, 1-year note receivable is $500 26. The interest on a $10,000, 6%, 60-day note receivable is $100 27. The interest on a $6,000, 6%, 90-day note receivable is $90. 28. Rosen Company receives a $5,000, 3-month, 6% promissory note from Bay Company in settlement of an open accounts receivable. What entry will Rosen Company make upon receiving the note?
29. Young Company lends Dobson industries $40,000 on August 1, 2014, accepting a 9- month, 12% interest note. If Young prepares it financial statements as of December 31, 2014, what adjusting entry must it make?
30. Young Company lends Dobson industries $40,000 on August 1, 2014, accepting a 9- month, 12% interest note. If Young accrued interest at its December 31, 2014 year-end,
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Principles of Economics
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Chapter 7 / Exercise 1
Principles of Economics
Mankiw
Expert Verified
what entry must it make to record the collection of the note and interest at its maturity date?
31. Young Company lends Dobson industries $40,000 on January 1, 2014, accepting a 9-

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