ch8[1] - 1. Theduedateofa60daynotedatedJuly10isSeptember10....

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1.   The due date of a 60-day note dated July 10 is September 10.    Student Response Value Correct Answer Feedback 1.  True      2. False 100%       Score: 1/1    2.   Other receivables include non trade receivables such as loans to company officers.   Score: 1/1    3.   Both Accounts Receivable and Notes Receivable represent claims that are expected to be collected in cash.   Score: 1/1   
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4.   What is the type of account and normal balance of Allowance for Doubtful Accounts?    Score: 0/1    5.   Receivables are usually listed on the balance sheet after Cash in what order?    Score: 0/1    6.   Allowance for Doubtful Accounts is listed on the balance sheet under the caption 
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  Score: 1/1    7.   A 60-day, 10% note for $9,000, dated April 15, is received from a customer on account.  The face value of the  note is    Score: 0/1    8.   A note receivable can be sold to a financial institution to secure cash before the maturity date.  This type of  transaction is called discounting the note receivable.   
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Score: 1/1    9.   Paper Company receives a $6,000, 3-month, 6% promissory note from Dame Company in settlement of an  open accounts receivable.  What entry will Paper Company make upon receiving the note?   Score: 0/1    10.   When the allowance method is used to account for uncollectible accounts, Bad Debts Expense is debited when   Score:
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0/1    11.   The difference between accounts receivable and its contra asset account is called net realizable value.    Score: 1/1    12.   An alternative name for Bad Debts Expense is    Score: 1/1    13.   Trade receivables occur when two companies trade or exchange notes receivables.  
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  Score: 0/1    14.   Receivables are usually listed in order    Score: 0/1    15.   The balance of the Allowance for Doubtful Accounts is added to Accounts Receivable on the balance sheet.    Score: 1/1    16.  
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Notes or accounts receivables that result from sales transactions are often called   Score: 1/1    17.   Harper Company lends Hewell Company $40,000 on March 1, accepting a four-month, 6% interest note.  Harper Company prepares financial statements on March 31.  What adjusting entry should be made before the  financial statements can be prepared?   Score: 0/1    18.   The receivables turnover ratio is computed by dividing total gross sales by the average net receivables during  the year.
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  Score: 1/1    19.  
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This note was uploaded on 11/12/2010 for the course ACCT 48638 taught by Professor Sterns during the Fall '10 term at Riverside Community College.

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ch8[1] - 1. Theduedateofa60daynotedatedJuly10isSeptember10....

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