quize3 - adjustment), and an analysis of accounts in the...

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Grade Details 1. Question: Which of the following receivables would not be classified as an "other receivable”? Your Answer: Advance to an employee Interest receivable INCORRECT Refundable income tax Notes receivable CORRECT ANSWER Points Received: 0 of 2 Comments: 2. Question: The direct write-off method of accounting for uncollectible accounts Your Answer: Points Received: 2 of 2 Comments: 3. Question:
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Under the direct write-off method of accounting for uncollectible accounts, Bad Debts Expense is debited Your Answer: Points Received: 2 of 2 Comments: 4. Question: Under the allowance method, writing off an uncollectible account Your Answer: Points Received: 0 of 2 Comments: 5. Question: An estimate based on an analysis of receivables shows that $790 of accounts receivables are uncollectible. The Allowance for Doubtful Accounts has a debit balance of $120. The adjusting entry at the end of the year will include a credit to Allowance for Doubtful Accounts in the amount of: Your Answer:
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Points Received: 2 of 2 Comments: 6. Question: Allowance for Doubtful Accounts has a credit balance of $800 at the end of the year (before
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Unformatted text preview: adjustment), and an analysis of accounts in the customers ledger indicates doubtful accounts of $16,000. Which of the following entries records the proper provision for doubtful accounts? Your Answer: Points Received: 2 of 2 Comments: 7. Question: The journal entry to record a note received from a customer to apply on account is Your Answer: Points Received: 2 of 2 Comments: 8. Question: The maturity value of a $40,000, 9%, 40-day note receivable dated July 3 is Your Answer: Points Received: 0 of 2 Comments: 9. Question: The amount received by the endorser after discounting a note receivable at the bank is called the Your Answer: Points Received: 0 of 2 Comments: 10. Question: A 60-day, 12% note for $10,000, dated May 1, is received from a customer on account. If the note is discounted on June 10 at 15%, the proceeds are Your Answer: Points Received: 2 of 2 Comments:...
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quize3 - adjustment), and an analysis of accounts in the...

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