Chapter 7- Day two

Chapter 7- Day two - Announcements Presentation on 11/4...

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Announcements Presentation on 11/4 – mandatory  class.  Rep’s from Fraud Accounting,  Public Accounting and the FBI- all  former students from Mahar! Sign up for a make-up for test 1 (11/10  7-9).  Make ups on 11/12 9-11am and  4-6pm. Ireland Trip- Information session Wed.  at 6pm outside SOM 119. FRP #2 due in lab next week.
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PRS 7-3- What were collections on account? A. $12,000 B. $230 C. $3,500 D. $11,350
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PRS 7-3- What is the amount of the adjustment  for bad debts? A. $3,500 B. $150 C. $230 D. $200
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Reinstatement of Account Event 5 Reinstatement of Account Written-Off Of the $75 of accounts receivable previously written- Of the $75 of accounts receivable previously written- off, it turns out that Matrix will be able to collect the  off, it turns out that Matrix will be able to collect the  full $75 amount owed.  full $75 amount owed.  Event No. Assets = Liab. + Equity Rev. Exp. = Net Inc. Cash Flow 5 Acct. Rec. + Allow. 75 75 = NA + NA NA NA = NA NA
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Recovery on Account Event No. Assets = Liab. + Equity Rev. Exp. = Net Inc. Cash Flow 6 Cash + Acct. Rec. 75 (75) = NA + NA NA NA = NA 75 OA Event 6 Collection of Recovered Amount Of the $75 of accounts receivable previously written- Of the $75 of accounts receivable previously written- off, it turns out that Matrix will be able to collect the  off, it turns out that Matrix will be able to collect the  full $75 amount owed.  full $75 amount owed. 
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This note was uploaded on 03/12/2012 for the course ACCT 221 taught by Professor Catherinewest during the Spring '06 term at UMass (Amherst).

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Chapter 7- Day two - Announcements Presentation on 11/4...

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