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

• Test Prep
• 10

This preview shows page 1 - 3 out of 10 pages.

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?

Course Hero member to access this document

Course Hero member to access this document

End of preview. Want to read all 10 pages?