[goodnews]

On may 1,EZ plumbing buys plumbing materials with a list price of $550 at the time of the purchase, ez gives halpin a check for $225 and ask halpin to put the remainder of the purchase on its account, which already has a balance of $475 on July 1 ez goes out of business without making any additional purchasses or payments. Halpin learns it will be unable to collect the outstanding recievable balnce.halpin uses the direct writeoff method to account for bad debts
Kristielance7985: the amount halpin plumbing supplies record as sales revenus for the may 1 is $55 $496 $540 $550



2 What journal entry will Halpin make to record the May 1 sale?
A. Debit Sales Revenue, credit Accounts Receivable
B. Credit Sales Revenue, debit Accounts Receivable
C. Debit Sales Revenue, debit Cash, credit Accounts Receivable
D. Credit Sales Revenue, debit Cash, debit Accounts Receivable
3. What balance will Halpin’s accounts receivable subsidiary ledger show for EZ Plumbing
Immediately after the May 1 sale?
A. $475 C. $745
B. $550 D. $800
4. What entry will Halpin make on July 1 to record the bad debt?
A. Credit Bad Debt Expense, debit Sales Revenue
B. Debit Bad Debt Expense, credit Sales Revenue
C. Debit Bad Debt Expense, credit Allowance for Doubtful Accounts
D. Debit Bad Debt Expense, credit Accounts Receivable—EZ Plumbing
Use the following data to answer Questions 5

[goodnews]

On May 1, EZ Plumbing buys materials with a list price of $550. At the time of the purchase, EZ gives Halpin a check for $225 and asks Halpin to put the remainder of the purchase on its account, which already has a balance of $475. On July 1, EZ goes out of business without making any additional purchases or payments. Halpin learns it will be unable to collect the outstanding receivable balance. Halpin uses the direct write off method to account for bad debts.
1.) The amount Halpin Plumbing supplies should record as sales revenue for the May 1 transaction is. a. 55 b.495 c.540 d. 550. I answered $550 is this correct?

[goodnews]

2. What journal entry will Halpin make to record the May 1 sale?
A. Debit Sales Revenue, credit Accounts Receivable
B. Credit Sales Revenue, debit Accounts Receivable
C. Debit Sales Revenue, debit Cash, credit Accounts Receivable
D. Credit Sales Revenue, debit Cash, debit Accounts Receivable
3. What balance will Halpin's accounts receivable subsidiary ledger show for EZ Plumbing
Immediately after the May 1 sale?
A. $475 C. $745
B. $550 D. $800
4. What entry will Halpin make on July 1 to record the bad debt?
A. Credit Bad Debt Expense, debit Sales Revenue
B. Debit Bad Debt Expense, credit Sales Revenue
C. Debit Bad Debt Expense, credit Allowance for Doubtful Accounts
D. Debit Bad Debt Expense, credit Accounts Receivable—EZ Plumbing
Use the following data to answer Questions 5