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ACC 291 FINAL EXAM (30 Questions – Multiple Choice) 1) Hahn Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $300,000 and credit sales are $1,200,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Hahn Company make to record the bad debts expense? A. Bad Debts Expense ................ ................ $15,000 Allowances for Doubtful Accounts ................ ................ $15,000B. Bad Debts Expense ................ ................ $12,000 Allowances for Doubtful Accounts ................ ................ $12,000C. Bad Debts Expense ................ ................ $12,000 Accounts Receivable ................ ................ ................. $12,000D. Bad Debts Expense ................ ................ $15,000 Accounts Receivable ................ ................ ................. $15,000 2) Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $15,000. If the balance of the Allowance for Doubtful Accounts is $3,000 credit before adjustment, what is the amount of bad debts expense for that period?A. $15,000B. $12,000C. $18,000D. $8,000 3) Intangible assets• should be reported under the heading Property, Plant, and Equipment• shoul
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