Old exam 2

Old exam 2 - Temple University Fox School of Business and...

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Temple University Fox School of Business and Management Dr. Steven Balsam Accounting 011 Exam #2 November 3, 1999 Instructions: You have 150 minutes. Answer the questions on the pages provided and please remember to show all work so that you may receive partial credit. Also please put your name on each page in case the pages get separated. Good luck!
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Problem 1 (10 points) ACME manufacturing sells goods to Wiley Coyote for $10,000, offering Wiley a 5% discount if he pays with 30 days. Assuming Wiley pays within 30 days Record the sale and collection under: A. The gross method B. The net method 2
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Prepare the adjusting entry for Uncollectible Accounts for Uncertain corporation given the following information: Credit sales for the period were $25 million The current balance in accounts receivable is $500,000 The current balance in the allowance for uncollectible accounts is a debit of $14,000 Historically one percent of all sales have proven to be uncollectible Historically ten percent of ending accounts receivable have proven to be uncollectible. A. Prepare the adjusting entry using the income statement method. B. Prepare the adjusting entry using the balance sheet method.
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Old exam 2 - Temple University Fox School of Business and...

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