AC202 Week 3 Homework Answers

AC202 Week 3 Homework Answers - Chapter 17 20 Quiz Review...

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Chapter 17 – 20 Quiz Review 50 Questions 15 True/False 35 Multiple Choice Test on Friday!
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Chapter 17 Accounting for Uncollectible Accounts Receivable
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Get white boards ready… What is the contra account to Accounts Receivable? Allowance for Uncollectible Accounts
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Get white boards ready… Which journal is the entry to write off an accounts receivable recorded? General Journal
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Get white boards ready… What accounts are affected when journalizing the adjusting entry for uncollectible accounts? (Draw T Accounts) Uncoll. Accts. Expense DR Allow. For Uncoll. Accts. CR
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Get white boards ready… What are accounts receivable that cannot be collected? Uncollectible Accounts
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Get white boards ready… What accounts are affected when a customer’s past due account is written off? (Draw T Accounts) Allow. For Uncoll. Accts. DR Accounts Receivable CR
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Get white boards ready… What accounts are affected when a previously written off account is collected? How? (Draw T-Accounts) Accts. Rec. DR Allow. For Uncoll. Accts. CR Cash DR Accts. Rec. CR
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Get white boards ready… How is the book value of Accounts Receivable calculated? Accounts Receivable – Allow. for Uncoll. Accounts
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Get white boards ready… How do businesses estimate the amount of uncollectible accounts? % of Total Sales on Account
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Get white boards ready… What accounting concept is applied when recording uncollectible accounts (an expense) in the same accounting period that the revenue is earned? Matching Expenses with Revenue
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Chapter 18 Accounting for Plant Assets and Depreciation
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What are assets that are to be exchanged for cash or consumed within a year ? Current Assets
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This note was uploaded on 11/11/2011 for the course AC 202 taught by Professor Nancyeverett during the Spring '09 term at Park.

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AC202 Week 3 Homework Answers - Chapter 17 20 Quiz Review...

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