Mock Exam 3 - MockExam3Chapters17 1. Credits sales are...

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1. Credits sales are recorded as: a. Debit cash; credit unearned revenues. b. Debit revenues, credit accounts receivable. c. Debit cash; credit revenues. d. Debit accounts receivable, credit revenues. 2 . On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. How would Flores record the sale on November 10? a. Accounts receivable 7840 Sales 7840 b. Accounts receivable 8000 Sales 8000 c. Accounts receivable 7840 Sales Discounts 160 Sales 8000 d. Accounts receivable 8000 Sales Discounts 160 Sales 7840 3 . On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. The customer made the correct payment on November 17. How would Flores record the collection of cash on November 17? a. Cash 7840 Accounts receivable 7840 b. Cash 7840 Sales Discounts 160 Accounts receivable 8000 c. Cash 7840 Sales 160 Accounts receivable 8000 d. Cash 8000 Accounts receivable 8000 4 . At December 31, Gill Co reported accounts receivable of $238,000 and an allowance for uncollectible accounts of $600 (credit). An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable. The amount of the adjusting entry for uncollectible accounts would be: a . $6,540. b. $7,800.
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This note was uploaded on 02/15/2010 for the course MGMT 301 taught by Professor Baltimore during the Spring '10 term at University of Baltimore.

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Mock Exam 3 - MockExam3Chapters17 1. Credits sales are...

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