FinMan10e_ATest_ch08

FinMan10e_ATest_ch08 - 10th Edition FINANCIAL &...

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10th Edition CORPORATE FINANCIAL ACCOUNTING Warren/Reeve/Duchac Chapter Test 8A Score % Name Course Section NOTE: Each of the 20 correct answers is assigned a weight of 5%. FILL-IN-THE-BLANK—PRINCIPLES AND TERMINOLOGY—50% A
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TEST 8A (Concluded) INSTRUCTIONS: Answer the following questions or complete the statements by writing the appropriate words or amounts in the Answers column. For Scoring QUESTIONS/STATEMENTS Answers 0. The party purchasing a company’s receivables is called a(n) . ................. factor 0. ____ 1. Allowance for Doubtful Accounts has a credit balance of $10,000 at the end of the year, before adjustments. Sales for the year amounted to $1,500,000, and sales returns and allowances amounted to $50,000. If uncollectible accounts expense is estimated at 2% of net sales, the amount of the appropriate adjusting entry will be . .................................... $ 1. ____
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2. If, instead of a percentage of net sales, the adjusting entry in Question 1 is based on an analysis of receivables that indicates doubtful accounts
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FinMan10e_ATest_ch08 - 10th Edition FINANCIAL &...

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