41At January 1, Davidson Services has the following balances: Allowance for Accounts receivable uncollectible accounts Uncollectible accounts expense...

41At January 1, Davidson Services has the following balances:

During the year, Davidson has $104,000 of credit sales, collections of $100,000, and write-offs of $1,400.

Davidson records Uncollectible account expense at the end of the year using the percent- of-sales method, and applies a rate of 1.1% based on past history.

After the year-end entry to adjust the Uncollectible accounts expense, what is the ending balance in the Uncollectible accounts expense?

A) Debit of $1,400

B) Credit of $1,944

C) Debit of $1,144

D) Credit of $544

42At January 1, Everbright Sales has the following balances:

During the year, Everbright has $150,000 of credit sales, collections of $140,000, and write-offs of $3,000. Everbright records Uncollectible account expense at the end of the year using the aging-of-accounts method. At the end of the year, the aging analysis produces a figure of $1,900, being the estimate of uncollectible accounts at end of year.

Before the year-end entry to adjust the Uncollectible Accounts Expense is made, what is the balance in the Uncollectible accounts expense?

A) Debit of $1,400

B) Credit of $1,944

C) Zero balance

D) Credit of $544

43At January 1, Everbright Sales has the following balances:

During the year, Everbright has $150,000 of credit sales, collections of $140,000, and write-offs of $3,000. Everbright records Uncollectible account expense at the end of the year using the aging-of-accounts method. At the end of the year, the aging analysis produces a figure of $1,900, being the estimate of uncollectible accounts at end of year.

Before the year-end entry to adjust the Uncollectible accounts expense is made, what is the balance in the Allowance for uncollectible accounts?

A) Debit of $1,800

B) Credit of $4,200

C) Zero balance

D) Debit of $3,000

44At January 1, Everbright Sales has the following balances:

During the year, Everbright has $150,000 of credit sales, collections of $140,000, and write-offs of $3,000. Everbright records Uncollectible account expense at the end of the year using the aging-of-accounts method. At the end of the year, the aging analysis produces a figure of $1,900, being the estimate of uncollectible accounts at end of year.

After the year-end entry to adjust the Uncollectible accounts expense is made, what is the final balance in the Allowance for uncollectible accounts?

A) Debit of $1,800

B) Credit of $4,200

C) Credit of $1,900

D) Debit of $3,000

45At January 1, Everbright Sales has the following balances:

During the year, Everbright has $150,000 of credit sales, collections of $140,000, and write-offs of $3,000. Everbright records Uncollectible account expense at the end of the year using the aging-of-accounts method. At the end of the year, the aging analysis produces a figure of $1,900, being the estimate of uncollectible accounts at end of year.

After the year-end entry to adjust the Uncollectible accounts expense is made, what is the final balance in the Uncollectible accounts expense?

A) Debit of $3,700

B) Credit of $4,200

C) Debit of $1,900

D) Debit of $3,000

46On January 1, Wolfie’s Supply sold $222 worth of goods to customer Abe Smith on account. Please record the journal entry for the sales revenue.

47On January 1, Wolfie’s Supply sold $222 worth of goods to customer Abe Smith on account. On January 12, Wolfie’s collected the amount from the customer. Please record the journal entry for

the cash collection.

3.2-48On January 1, Wolfie’s Supply sold $222 worth of goods to customer Abe Smith on account. For several months, Wolfie’s tried unsuccessfully to collect from the customer, and finally decided to write off the account. Please record the journal entry for the write-off. (Wolfie’s uses the allowance method.)

49On January 1, Wolfie’s Supply sold $222 worth of goods to customer Abe Smith on account. For several months Wolfie’s tried unsuccessfully to collect from the customer, and finally decided to write off the account. (Wolfie’s uses the allowance method.)

Later in the year, however, the customer came in to Wolfie’s, apologized for the late payment and handed over a check for $222. To properly record the recovery of an account previously written off, two journal entries are needed—one to restore the receivable previously written off, and one to record the cash receipt. Please show the first of these two entries.