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

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Mock Exam 3 – Chapters 1 - 7 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? 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? 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.
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