Answer Happy

A. $19,800 B. $15,000 C. $39,600 D. $50,000 21) A business offers credit terms of 1/15, n/30. These terms indicate that: A) no discount is offered for early payment. B) the buyer can take a 1% discount if the bill is paid within 15 or 30 days. C) the total amount of the invoice must be paid within 15 days. D) a discount of 1% can be taken if the invoice is paid within 15 days. 22) Under the allowance method, the entry to write off a $2,600 uncollectible account includes a: A) debit to Allowance for Uncollectible Accounts for $2,600. B) credit to Uncollectible-Account Expense for $2,600. C) credit to Allowance for Uncollectible Accounts for $2,600. D) debit to Accounts Receivable for $2,600. 23) ABC company sells goods to the XYZ Company for $1,000, It offers credit terms of 2/10, n/30. If XYZ Company pays the invoice within the discount period, ABC Company will record a debit to cash in the amount of: A) $20. C) $200. B) $980. D) $1,000. 24) The balance in Accounts Receivable was $650,000 at the beginning of the year and $350,000 at the end of the year. Credit sales for the year totaled $4,100,000. During the year, $400,000 in customer accounts were written off. How much cash was collected from customers during the period? A) $4,400,000 C) $4,000,000 B) $3,750,000 D) $4,800,000 25) Martson and Co. made the following journal entries: