accounting questions if a firm had sales of 50 000 during a period 540770

If a firm had sales of 50,000 during a period and sales returns and allowances of 4,000 its nets sales were 54,000 50,000 46,000 4,000 On Dec. 31, prior to adjustment, Allowance for Doubtful Accounts has a credit balance of 200. An age analysis of the accounts receivable produces an estimate of 1,000 of probable losses from uncollectible accounts. The adjusting entry needed to record the estimated losses from uncollectible accounts is made for 800.00 1,000 1,200 200.00 A firm reported sales of 300,000 during the year and has a balance of 20,000 in its accounts receivable account at year-end. Prior to adj. allowance for doubtful accounts has a credit balance of 300. The firm estimated its losses from uncollectible accounts to be one half of 1 percent of sales. The entry to record the estimated losses from uncollectible accounts will include a credit to Allowance for doubtful accounts for A debit to interest income and a credit to notes payable A debit to interest payable and a credit to interest expense A debit to interest expense and a credit to cash A debit to interest expense and a credit to interest payable The adjusting entry to record accrued interest on a note payable requires A debit to interest income and a credit to notes payable A debit to interest payable and a credit to interest expense A debit to interest expense and a credit to cash A debit to interest expense and a credit to interest payable When a company issues a promissory note, the accountant records an entry that includes a credit to note payable for The face value of the note The face value of the note plus the interest that will accrue The face value less the interest that will accrue The maturity value of the note Amounts that a business must pay in the future are known a. accounts receivable b. accounts payable c. stock d. expense The balance sheet shows The results of business operations All revenues and expenses The amount of net income or loss The financial position of a business at…