Faye is a recent law graduate employed as an associate attorney at The Firm, a law firm with close to 200 employees. Faye is paid $98,000 per year. Like most associates, she regularly works 60 or more hours a week. She thinks she should be provided overtime compensation for all of the extra hours of work she puts in per week. Which of the following is most likely to be true in this case?A) Faye will be eligible for overtime compensation under the Fair Labor Standards Act regulations because she makes less than $100,000.B) Faye will not be eligible for overtime pay because as a professional, she is exempt from the overtime provisions of the Fair Labor Standards Act. C) Faye will be eligible for overtime pay under the Fair Labor Standards Act because any firm with more than 150 employees is required to pay all of its employees for overtime. D) Faye will not be eligible for overtime pay if it can be shown that she pays less than $25,000 toward income tax.

Assume that all of thurmond company’s sales are credit sales. it has been the practice of thurmond company to provide for uncollectible accounts expense at the rate of one-half of one percent of net credit sales. for the year 20x1 the company had net credit sales of $2,021,000 and the allowance for doubtful accounts account had a credit balance, before adjustments, of $630 as of december 31, 20x1. during 20x2, the following selected transactions occurred: jan. 20 the account of h. scott, a deceased customer who owed $325, was determined to be uncollectible and was therefore written off. mar. 16 informed that a. nettles, a customer, had been declared bankrupt. his account for $898 was written off. apr. 23 the $906 account of j. kenney & sons was written off as uncollectible. aug. 3 wrote off as uncollectible the $750 account of clarke company. oct. 20 wrote off as uncollectible the $1,130 account of g. michael associates. oct. 27 received a check for $325 from the estate of h. scott. this amount had been written off on january 20 of the current year. dec. 20 cater company paid $7,000 of the $7,500 it owed thurmond company. since cater company was going out of business, the $500 balance it still owed was deemed uncollectible and written off. required: prepare journal entries for the december 31, 20x1, and the seven 20x2 transactions on the work sheets provided at the back of this unit. then answer questions 8 and 9 on the answer sheet. t-accounts are also provided for your use in answering these questions. 8. which one of the following entries should have been made on december 31, 20x1?