Practice Exam 3 ch 7-9

Practice Exam 3 ch 7-9 - Pr ac ti ce E x a m 3 0 out of 0...

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Pr ac ti ce E x a m 3 Q u es ti o n 1 0 out of 0 points Under which method of inventory cost flows is the cost flow assumed to be in the reverse order in which the expenditures were made? Correct Answer:
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Question 2 0 out of 0 points Morris Company developed the following reconciling information in preparing its December bank reconciliation: Using the above information, determine the cash balance per books (before adjustments) for the Morris Company. Correct Answer: Question 3 0 out of 0 points An aging of a company's accounts receivable indicates that $3,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance, the adjustment to record bad debts for the period will require a
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Question 3 0 out of 0 points Correct Answer: Question 4 0 out of 0 points Which of the following would be added to the balance per books on a bank reconciliation? Correct Answer: Question 5 0 out of 0 points A voucher Correct Answer: Question 6 0 out of 0 points The term "receivables" includes all Correct Answer: Question 7 0 out of 0 points Allowance for Doubtful Accounts has a credit balance of $1,100 at the end of the year (before adjustment), and an analysis of customers' accounts indicates doubtful accounts of $12,900. Which of the following entries records the proper
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Question 7 0 out of 0 points provision for doubtful accounts? Correct Answer: Question 8 0 out of 0 points Allowance for Doubtful Accounts has a debit balance of $500 at the end of the year (before adjustment), and uncollectible accounts expense is estimated at 3% of net sales. If net sales are $600,000, the amount of the adjusting entry to record the provision for doubtful accounts is Correct Answer: Question 9 0 out of 0 points The Baby Company sells blankets for $30 each. The following was taken from the inventory records during July. Date July 3 July 10 July 17 July 20 July 23 July 30
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Question 9 0 out of 0 points Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of July the Lifo inventory cost method. Correct Answer: Question 10 0 out of 0 points Marcus Company developed the following reconciling information in preparing its September bank reconciliation: Cash balance per bank, 9/30 Note receivable collected by bank Outstanding checks Deposits-in-transit Bank service charge NSF Using the above information, determine the cash balance per books
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10 0 out of 0 points (before adjustments) for the Marcus Company. Correct Answer: Question 11 0 out of 0 points The inventory data for an item for November are: Nov. 1 4 10 17 30 Using the perpetual system, costing by the last- in, first-out method, what is the cost of the merchandise inventory of 30 units on November 30? Correct Answer:
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Practice Exam 3 ch 7-9 - Pr ac ti ce E x a m 3 0 out of 0...

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