achivmt_test_answ8

achivmt_test_answ8 - 9th Edition Financial and Managerial...

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9th Edition Financial and Managerial Accounting Warren/Reeve Chapter Test 8A FILL-IN-THE-BLANK—PRINCIPLES AND TERMINOLOGY A
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TEST 8A (Concluded) INSTRUCTIONS: Answer the following questions or complete the statements by writing the appropriate words or amounts in the Answers column. For Answers Scoring 0. The party purchasing a company’s receivables is called a(n) . .................. factor 0. ____ 1. Allowance for Doubtful Accounts has a credit balance of $3,000 at the end of the year, before adjustments. Sales for the year amounted to $1,950,000, and sales returns and allowances amounted to $50,000. If uncollectible accounts expense is estimated at 1% of net sales, the amount of the appropriate adjusting entry will be . ............................... $ 1. ____ 2. If, instead of a percentage of net sales, the adjusting entry in Question 1
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is based on an analysis of receivables that indicates doubtful accounts of $10,500, the amount of the adjustment will be . ..................................... $ 2. ____ 3. Allowance for Doubtful Accounts has a debit balance of $500 at the end
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This note was uploaded on 04/27/2008 for the course ACG 2021 taught by Professor Cobb during the Spring '08 term at Saint Petersburg.

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achivmt_test_answ8 - 9th Edition Financial and Managerial...

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