quiz_7_8_9_answers - Chapter 7 Quiz Status : Completed...

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Chapter 7 Quiz Status : Completed Score: 0 out of 30 points Instructions: Question 1 Multiple Choice 0 of 10 points May Co. prepared an aging of its accounts receivable at December 31, 2007 and determined that the net realizable value of the receivables was $300,000. Additional information is available as follows: Allowance for uncollectible accounts at 1/1/07—credit balance $ 34,000 Accounts written off as uncollectible during 2007 23,000 Accounts receivable at 12/31/07 325,000 Uncollectible accounts recovered during 2007 5,000 For the year ended December 31, 2007, May's uncollectible accounts expense would be Selected Answer: [None Given] Correct Answer: $9,000. Question 2 Multiple Choice 0 of 10 points In preparing its August 31, 2007 bank reconciliation, Adel Corp. has available the follow-ing information: Balance per bank statement, 8/31/07 $21,650 Deposit in transit, 8/31/07 3,900 Return of customer's check for insufficient funds, 8/30/07 600 Outstanding checks, 8/31/07 2,750
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This note was uploaded on 09/23/2009 for the course AEM 3360 taught by Professor Prof.lippitt during the Fall '08 term at Cornell University (Engineering School).

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quiz_7_8_9_answers - Chapter 7 Quiz Status : Completed...

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