Question

FOR questions 20-22, need brief explanations for each too because i dont understand it : At the beginning of the year; AL, Inc.’s allowance for uncollectible accounts had a beginning balance of $6,640. On January 22nd, AL wrote off the A/R from customer C for $240

20.

20. Record the entry for write-off

Account to debit

      [ Choose ]            Accumulated depreciation            Accounts Receivable            Allowance for Uncollectible Accounts            Bad debt expense            Accounts payable            Cash            Sales returns and allowances      

Account to credit : ??? Account to debit: ???

21. By the end of the year (December 31st); total accounts written off were $6,970 (including the write off for customer C). What is the balance in the allowance for uncollectible accounts after all the write-offs?

22. How much did bad debt expense change when the company wrote off the accounts receivables?

FOR 23-25: The company invested $100,000 on May 1, 20XA at 4.5% simple interest for 2 years (24 months).

23. Determine interest revenue for 20XA.

24. Determine interest revenue for 20XB

25. Determine interest revenue for 20XC

Answer 1