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Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $104,500, allowance for doubtful accounts of $665 (credit) and sales of $925,000. If uncollectible accounts are estimated to be 0.5% of sales, what is the amount of the bad debts expense adjusting entry?

A company had $43 missing from petty cash that was not accounted for by petty cash receipts. The correct procedure is to:

The amount due on the maturity date of a $6,000, 60-day 4%, note receivable is: (Use 360 days a year.)

MacKenzie Company sold $180 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 4% service charge for sales on its credit cards. MacKenzie electronically remits the credit card sales receipts to the credit card company and receives payment immediately. The journal entry to record this sale transaction would be:

Purchase allowances refer to merchandise a buyer acquires but then returns to the seller.

The amount due on the maturity date of a $6,000, 60-day 4%, note receivable is: (Use 360 days a year.)

Jax Recording Studio purchased $7,800 in electronic components from Music World. Jax signed a 60-day, 8% promissory note for $7,800. Music World’s journal entry to record the collection on the maturity date is:

In a perpetual inventory system, the Merchandise Inventory account must be closed at the end of the accounting period.

When a petty cash fund is in use:

Valley Spa purchased $7,800 in plumbing components from Tubman Co. Valley Spa Studios signed a 60-day, 10% promissory note for $7,800. If the note is dishonored, what is the amount due on the note? (Use 360 days a year.)