For the year ended December 31, Beal Co. estimated its allow…

For the year ended December 31, Beal Co. estimated its allowance for uncollectible accounts using the year-end aging of accounts receivable. The following data are available:   Allowance for uncollectible accounts, 1/1                      $42,000 Uncollectible accounts written off, 11/30                         46,000 Estimated uncollectible accounts per aging, 12/31           52,000   What is the amount of the debit to bad debt expense in the year-end adjusting entry?

At the beginning of 2024, Gannon Company issued a three-year…

At the beginning of 2024, Gannon Company issued a three-year, zero-interest bearing $8,800 notes receivable in exchange for services provided to Antique Company.  The market rate for equivalent notes was 4% at the date of issuance.  On their 2024 financial statements, Gannon reported notes receivable of $8,800 and service revenue of $8,800.  What effect did this accounting for the note and related revenue have on the following amounts?