Use the Following Information for Questions

question 4

Multiple Choice

Use the following information for questions
Henry Co.assigned $400,000 of accounts receivable to Easy Finance Co.as security for a loan of $335,000.Easy charged a 2% commission on the amount of the loan; the interest rate on the note was 10%.During the first month, Henry collected $110,000 on assigned accounts after deducting $380 of discounts.Henry accepted returns worth $1,350 and wrote off assigned accounts totaling $2,980.
-Entries during the first month would include a

• A)debit to Cash of $110,380.
• B)debit to Bad Debt Expense of $2,980.
• C)debit to Allowance for Doubtful Accounts of $2,980.
• D)debit to Accounts Receivable of $114,710.

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Definitions:

Nutrition Counseling

The provision of personalized advice and strategies related to diet and eating practices to promote health and address nutritional concerns.

Distracted

The state of being unable to concentrate or focus attention due to external stimuli or internal thoughts.

Anxious

Experiencing worry, unease, or nervousness, typically about an imminent event or something with an uncertain outcome.

Culturally Sensitive

An approach that respects and acknowledges the differences in cultures and adjusts methods and practices to be inclusive and respectful.