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On May 1, Kingston Company received a $6,000, 10%, four-month note receivable. The cash to be received by Kingston Company when the note becomes due is
Weegy: A firm paid cash to apply against a debt. To record this transaction, the accountant would: 2. debit Accounts Payable and credit Cash. (More)
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Asked 6/28/2012 8:31:57 PM
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Sanders Company has a debit balance of $7,000 in its Allowance for Doubtful Accounts before any adjustments are made. Based on a review of its accounts receivable at the end of the year, Sanders estimates that $70,000 of its receivables are uncollectible. The amount of bad debts expense which should be reported for the year is:
Weegy: The balance of the Allowance for D. Bad Debts Expense ................ ................ $15,000 Accounts Receivable ................ ................ ................. $15,000 (More)
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Asked 6/28/2012 8:28:00 PM
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