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Quiz 8 1. In Exercise 8-8, the journal entry for May 1, 2010: 2. In Brief Exercise 8-2, part (b), A. Sales Returns and Allowances is Debited for $2,400 3. In Problem 8-5B, part (c), D. Bad Debts Expense is debited for 21,000 4. In Exercise 8-4, part (b), 5. In Problem 8-5A, part (a), 6. In Exercise 8-3, part (c), 7. Accounts receivable are valued and reported on the balance sheet C. at cash realizable value. 8. Larson Company on July 15 sells merchandise on account to Stuart Co. for $1,000,  terms 2/10, n/30. On July 20 Stuart Co. returns merchandise worth $400 to Larson  Company. On July 24 payment is received from Stuart Co. for the balance due. What is  the amount of cash received? B. $588 9. The Allowance for Doubtful Accounts is necessary because A. when recording uncollectible accounts expense, it is not possible to know which  specific accounts will not pay. 10.
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This note was uploaded on 07/16/2010 for the course ACCT 2302 taught by Professor Dr.winking during the Spring '10 term at Tulane.

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quiz 8 - Quiz 8 1....

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