Which one of the following is not an accounting problem (issue) associated with accounts receivable? A)Accelerating cash receipts from accounts receivable B)Depreciating accounts receivable C)Recognizing accounts receivable D)Valuing accounts receivable Accounts receivable are valued and reported on the balance sheet A)at gross amounts less sales returns and allowances. B)at cash realizable value. C)only if they are not past due. D)in the investment section. An aging of a company's accounts receivable indicates that $4,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance, the adjustment to record bad debts for the period will require a A) debit to Allowance for Doubtful Accounts for $2,800. B) credit to Allowance for Doubtful Accounts for $4,000. C) debit to Bad Debts Expense for $2,800. D) debit to Bad Debts Expense for $4,000. Two methods of accounting for uncollectible accounts are the A) allowance method and the accrual method. B) direct write-off method and the accrual method. C) allowance method and the net realizable method. D) direct write-off method and the allowance method. Simonic Retailers accepted $75,000 of Citibank Visa credit card charges for merchandise sold on July 1. Citibank charges 4% for its credit card use. The entry to record this transaction by Simonic Retailers will include a credit to Sales of $75,000 and a debit(s) to: A)Accounts Receivable $75,000. B) Cash $72,000 and Interest Expense $3,000. C) Cash $72,000 and Service Charge Expense $3,000. D) Accounts Receivable $72,000 and Service Charge Expense $3,000. Nichols Company uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $200,000 and credit sales are $1,000,000. Management estimates that 5% of accounts receivable will be uncollectible. What adjusting entry will Nichols Company make if the Allowance for Doubtful Accounts has a credit balance of $2,000 before adjustment? A) Bad Debts Expense 8,000 Allowance for Doubtful Accounts 8,000 B) Bad Debts Expense 10,000 Allowance for Doubtful Accounts 10,000 C) Bad Debts Expense 8,000 Accounts Receivable 8,000 D) Bad Debts Expense 10,000 Accounts Receivable 10,000