Select all that applyThe following annual account balances are taken from ABC Co at year end.  Current Year 1 Year Ago Accounts Receivable$49,500$48,000Net Sales$580,000$535,000Days Sales Uncollected31.15 days32.74 days Select the statements below that are correct regarding ABC Co.'s ability to collect its receivables from customers.Multiple select question.ABC Co. took approximately 31 days to collect cash from its credit customers in the current year.ABC Co. has shortened the amount of time that money is tied up in receivables from 1 year ago.ABC Co. has shortened the amount of time it takes to collect receivables from customers from 1 year ago to the current year.ABC Co. has increased the amount of time it takes to collect receivables from customers from 1 year ago.

The following annual account balances are taken from ABC Co at year end.   Current yearPrevious yearAccounts Receivable$5,500$4,000Net Sales$58,000$55,000Days sales uncollected? days? days Calculate ABC Co.'s days sales uncollected for the current year.Multiple choice question.

Select all that applyOn March 14, Ian Co. accepted a 180-day, 5% note in the amount of $1,000 from Ali Co., a customer. On the due date of the note, Ali dishonors the note. The journal entry that Ian would record on the due date would include a:Multiple select question.debit to Accounts Receivable - Ali for $1,025.debit to Interest Revenue for $25.credit to Interest Revenue for $25.credit to Notes Receivable for $1,000.credit to Accounts Receivable - Ali for $1,000.debit to Notes Receivable for $1,025.

Select all that applyWhen accounting for accounts receivable and bad debts, the objectives are to ______. (Check all that apply.)Multiple select question.match the cost of bad debts to the accounting period in which the related credit sales are madereport accounts receivable at the net realizable value which equals accounts receivable less the amount the company does not expect to collect.increase both accounts receivable and net income by the amount of credit sales that are unlikely to be collected as cash

Selected information on ABC Company’s accounts receivable is available:Accounts receivable had an opening balance on 1 July 2021 of $68,000. Allowance for doubtful debts had an opening balance on 1 July 2021 of $4,700.During 2021/22, credit sales were $713,600 (including GST) of which $584,700 has already been collected from customers and $3,266 were written off.On 30 June 2022, an “aging of accounts receivable” analysis shows that $5,300 (excluding GST) will probably not be collected.What is the adjusting entry for the bad debts expense?Question 10Answera.DR Bad debts expense $3,880; and CR Accounts receivable $3,880b.DR Allowance for doubtful debts $3,440; and CR Accounts receivable $3,440c.DR Bad debts expense $3,880; and CR Allowance for doubtful debts $3,880d.DR Bad debts expense $3,440; and CR Allowance for doubtful debts $3,440

Select all that applyOn November 1, Eli Co. received a $6,000, 60-day, 6% note from a customer as payment on his $6,000 overdue account. Eli's journal entry to record this transaction on November 1, would include a:Multiple select question.debit to Accounts Receivable for $6,060.credit to Accounts Receivable for $6,000.credit to Notes Receivable for $6,060.debit to Notes Receivable for $6,000.