If the allowance method of accounting for uncollectible receivables method was used and an estimate was made at year end, dec.31 general ledger accounts are debited and credited in january when a particular customer's account is identified as uncollectiible? a. debit allowance for bad debts; credit accounts receivableb. debit bad debts expense; credit accounts receivablec. debit accounts receivable; credit allowance for bad debtsd. debit bad debts expense; credit allowance for bad debt

Neveready flashlights inc. needs $317,000 to take a cash discount of 3/15, net 70. a banker will loan the money for 55 days at an interest cost of $13,200. a. what is the effective rate on the bank loan? (use a 360-day year. do not round intermediate calculations. input your answer as a percent rounded to 2 decimal places.) b. how much would it cost (in percentage terms) if the firm did not take the cash discount but paid the bill in 70 days instead of 15 days? (use a 360-day year. do not round intermediate calculations. input your answer as a percent rounded to 2 decimal places.) c. should the firm borrow the money to take the discount? no yes d. if the banker requires a 20 percent compensating balance, how much must the firm borrow to end up with the $317,000? e-1. what would be the effective interest rate in part d if the interest charge for 55 days were $7,200?