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106) At the end of its first year of operations, a company has accounts receivable of $250,000. The company expects to collect 90% of these accounts. The company's year-end adjusting entry for uncollectible accounts would be: OA) Debit Bad Debt Expense; Credit Accounts Receivable for $25,000. OB) Debit Allowance for Uncollectible Accounts; Credit Bad Debt Expense for $25,000. OD) Debit Allowance for Uncollectible Accounts; Credit Accounts Receivable for $25,000. C) Debit Bad Debt Expense; Credit Allowance for Uncollectible Accounts for $25,000. 116) Which of the following is correct with respect to a bank reconciliation? C) Subtract NSF checks from the company's balance. A) Subtract interest earned from the bank's balance. B) Add service charge to the company's balance. OD) Add deposits outstanding to the company's balance.

106) At the end of its first year of operations, a company has accounts receivable of $250,000. The company expects to collect 90% of these accounts. The company's year-end adjusting entry for uncollectible accounts would be: OA) Debit Bad Debt Expense; Credit Accounts Receivable for $25,000. OB) Debit Allowance for Uncollectible Accounts; Credit Bad Debt Expense for $25,000. OD) Debit Allowance for Uncollectible Accounts; Credit Accounts Receivable for $25,000. C) Debit Bad Debt Expense; Credit Allowance for Uncollectible Accounts for $25,000. 116) Which of the following is correct with respect to a bank reconciliation? C) Subtract NSF checks from the company's balance. A) Subtract interest earned from the bank's balance. B) Add service charge to the company's balance. OD) Add deposits outstanding to the company's balance.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 16MC: Which of the following are found on the bank side of the bank reconciliation? A. NSF check B....
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106) At the end of its first year of operations, a company has accounts receivable of $250,000. The company expects to collect 90% of these accounts. The company's year-end adjusting entry for uncollectible accounts would be: OA) Debit Bad Debt Expense; Credit Accounts Receivable for $25,000. OB) Debit Allowance for Uncollectible Accounts; Credit Bad Debt Expense for $25,000. OD) Debit Allowance for Uncollectible Accounts; Credit Accounts Receivable for $25,000. C) Debit Bad Debt Expense; Credit Allowance for Uncollectible Accounts for $25,000.
Transcribed Image Text:106) At the end of its first year of operations, a company has accounts receivable of $250,000. The company expects to collect 90% of these accounts. The company's year-end adjusting entry for uncollectible accounts would be: OA) Debit Bad Debt Expense; Credit Accounts Receivable for $25,000. OB) Debit Allowance for Uncollectible Accounts; Credit Bad Debt Expense for $25,000. OD) Debit Allowance for Uncollectible Accounts; Credit Accounts Receivable for $25,000. C) Debit Bad Debt Expense; Credit Allowance for Uncollectible Accounts for $25,000.
116) Which of the following is correct with respect to a bank reconciliation? C) Subtract NSF checks from the company's balance. A) Subtract interest earned from the bank's balance. B) Add service charge to the company's balance. OD) Add deposits outstanding to the company's balance.
Transcribed Image Text:116) Which of the following is correct with respect to a bank reconciliation? C) Subtract NSF checks from the company's balance. A) Subtract interest earned from the bank's balance. B) Add service charge to the company's balance. OD) Add deposits outstanding to the company's balance.
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