ACC 291 Sample Final Exam 1.doc - ACC 291 Sample Final Exam...

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ACC 291 Sample Final Exam-- Hahn Company usespercentage of sales method for recording bad debts expense. Foryear, cash sales are $300,000 and credit sales are $1,200,000. Management estimates that1% issales percentage to use. What adjusting entry will Hahn Company make to recordbad debts expense?
--Usingpercentage of receivables method for recording bad debts expense, estimateduncollectible accounts are $15,000. Ifbalance ofAllowance for Doubtful Accounts is$3,000 credit before adjustment, what isamount of bad debts expense for that period?
--Intangible assets
--Intangible assets arerights and privileges that result from ownership of long-livedassets that
--The book value of an asset is equal to
--Gains on an exchange of plant assets that has commercial substance are
--Ordinary repairs are expenditures to maintainoperating efficiency of a plant asset andare referred to as
--Costs incurred to increaseoperating efficiency or useful life of a plant asset are referredto as

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Term
Spring
Professor
Rob
Tags
Depreciation, Revenue, Treasury Stock, Expense, Generally Accepted Accounting Principles

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