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Business · Accounting
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8. The entry to record a write-off of an uncollectible account when using the direct write off method involves a debit to Allowance for Bad Debts b. debit to Accounts Receivable e. credit to Cash 9. A copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose your company sold the machine for $1,000. What is the result of the disposal transaction a. No gain no loss e. Gain of $1,000 10. Your company sells S 180,000 (selling price) of goods and collects sales of tax of 8%, what current liability does the sales create? d. debits to Bad Debts Expense b. Loss of $1,000 . Loss of $45,000 Sales revenue of $194,400 c. Sales tax payable of $14,400. d.Sales revenue of $180,000 IL (20) The December cash record of ABB Insurance follow b. Unearned Revenue of S194,400 Cash Debit Check No. Cash Credit Dee 3 $ 4,150 2416 5 850 16 2418 2,190 1,870 31 2420 2422 ABB Insurances cash account shows a balance of $16,650 at December 31. On December 31, the company received the following bank statement Bank Statement for December Begianing Balance $14,000 NSF S 700 850 400 160 670 1,960 10 EFT S 400 Dec. 2 4,150 11 Check NO. 2416 19 22 Check NO. 2417 29 Check NO. 2418 31 Check NO. 2419 EFT 16 24 25 560 2,190 1,700 BC SC Ending Balanc$18,590 Nots: BC-bank collection: EFTelferufcient funds check SC-service charge Additional data for the bank reconciliation follows: a. The EFT credit was a receipt of rent. The EFT debit was an insurance payment. b. The NSF check was received from a customer named Dunlap Chemical. c. The $1,700 bank collection was for a note receivable. d. The correct amount of Check 2419 for rent expenise is $1,940 instead of $1,490 on cash records 1) Prepare the bank reconciliation for ABB Insurance as at December 31. 2) Journalize any required entries from the bank reconciliation.
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