HKUST Canvas - Practice Quiz Part 2 (Group 2)_ ACCT2010 (L01-L03) - Principles of Accounting I.pdf

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12/7/2019HKUST Canvas - Practice Quiz Part 2 (Group 2): ACCT2010 (L01-L03) - Principles of Accounting I1/10Practice Quiz Part 2 (Group 2)DueDec 8 at 10pmPoints18Questions18AvailableNov 23 at 12:30pm - Dec 8 at 10pm15 daysTime Limit30 MinutesAllowed Attempts6InstructionsAttempt HistoryAttemptTimeScoreKEPTAttempt 210 minutes1 out of 18LATESTAttempt 210 minutes1 out of 18Attempt 16 minutes0 out of 18Submitted Dec 7 at 10:51amThis part contains the main body of the exam. Remember to write your calculation procedures on yourscratch papers and upload them after you finish this part.Take the Quiz Again1 / 1 ptsQuestion 1Revenues are normally recognized when the company transfers promisedgoods or services in the amount the company expects to be entitled toreceive. The amount recorded is the cash-equivalent sales price. Assumethat the following transaction occurred in September:Fucillo Automotive Group (offering a wide variety of car and truck brands)sells a Ford F-150 truck with a list, or “sticker,” price of $34,050 for $32,000cash.If revenue is to be recognized in September, indicate the revenue accounttitle and amount.(If revenue is not recognized choose "None".)Revenue Account AffectedAmount of Revenue Earned inSeptember
12/7/2019HKUST Canvas - Practice Quiz Part 2 (Group 2): ACCT2010 (L01-L03) - Principles of Accounting IAnswer 1:Sales revenue32,000Sales revenueCorrect!Correct!Correct!Correct!
2/100 / 1 ptsQuestion 2On its recent financial statements, Hassell Fine Foods reported the followinginformation about net sales revenue and accounts receivable (amounts inthousands):CurrentYearPriorYearAccounts receivable, net of allowances of $155 and $115$13,596 $11,150Net sales revenue60,412 51,532According to its Form 10-K, Hassell wrote off bad debt of $9 and there wereno bad debt recoveries during the current year. (Hint:Refer to the summaryof the effects of accounting for bad debts on the Accounts Receivable(Gross) and the Allowance for Doubtful Accounts T-accounts. Use the T-accounts to solve for the missing values.)Question:What amount of bad debts expense was recorded during the current year?

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