PSC 7 - Name: _ Date: _ PROBLEM SET CHAPTER 7 ACCOUNTING...

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Name: __________________________ Date: _____________ PROBLEM SET – CHAPTER 7 ACCOUNTING 2303
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1. Asset classification. Below is a list of items. Classify each into one of the following balance sheet categories: ( 5 points ) Navigate using mouse pointer. Do NOT hit ENTER key. a. Cash c. Short-term Investments b. Receivables d. Other ____ 1. Compensating balances held in long-term borrowing arrangements ____ 2. Savings account ____ 3. Trust fund ____ 4. Checking account ____ 5. Postage stamps ____
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2. Entries for bad debt expense. ( 4 points ) A trial balance at the end of the period before adjustment included the following: Give adjusting journal entries for Bad Debt Expense assuming that the estimate of uncollectible accounts expense is determined by taking (1) 5% of gross accounts receivable; (2) 1% of net sales. Navigate forms using mouse pointer and TAB key. Do NOT hit ENTER key. ( Omit Explanations in journal entries) (1) General Journal Date Description Post Ref Debit Credit
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3. (c)Re mitta nce of first mont h collec tions to Fast Finan ce plus accru ed intere st Gener al Journ al Date Descr iption Post Ref Debit Credit Accounts receivable assigned. ( 6 points
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This note was uploaded on 09/04/2009 for the course ACNT 2303 taught by Professor Haywood during the Spring '09 term at Lone Star College.

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PSC 7 - Name: _ Date: _ PROBLEM SET CHAPTER 7 ACCOUNTING...

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