ACC 311 Exam2 Key - SECTION I - MULTIPLE CHOICE (50 points...

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SECTION I - MULTIPLE CHOICE (50 points - 2 points each) - Please choose the BEST answer for each question and record your answer on the Scantron answer sheet. Form A Multiple Choice Answer Form A B 1. D 2. A 3. B 4. A 5. C 6. C 7. C 8. C 9. A 10. E 11. C 12. D 13. E 14. A 15. C 16. C 17. C 18. B 19. C 20. C 21. B 22. C 23. C 24. B 25.
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Form B Multiple Choice Answer Form B A 1. C 2. B 3. C 4. C 5. A 6. C 7. B 8. C 9. C 10. D 11. A 12. C 13. A 14. C 15. E 16. D 17. C 18. E 19. C 20. B 21. C 22. B 23. B 24. C 25.
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Form C Multiple Choice Answer Form C C 1. B 2. C 3. A 4. C 5. A 6. E 7. E 8. D 9. C 10. C 11. C 12. B 13. B 14. C 15. A 16. C 17. C 18. C 19. C 20. A 21. D 22. C 23. B 24. B 25.
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SECTION II (50 points). You MUST show your work to receive credit for your answers and to receive partial credit. Please try to be as neat and organized as possible. PROBLEM 1 (12 points) Near the end of 2007, after transactions were recorded, but before adjusting entries, the T-accounts (ledger) of Stivers Company included the following accounts and balances: Allowance for Doubtful Accounts $ 1,000 credit balance Bad Debt Expense 0 balance Accounts Receivable 200,000 debit balance Sales revenue during 2007 amounted to $800,000, of which 75% was on credit. The company estimates that 2% of the credit sales made in 2007 will ultimately become uncollectible. Before all other adjusting entries were made at the end of 2007, (a) a $10,000 account was determined to be uncollectible and written off by Stivers and (b) the bad debt expense adjusting entry was recorded for 2007. These adjustments are not reflected in the account balances above. Provide the account balances below after entries for (a) and (b) above were posted to the
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ACC 311 Exam2 Key - SECTION I - MULTIPLE CHOICE (50 points...

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