Question 20 of 40 25 25 points urban camping sold

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Question 20 of 402.5/ 2.5 PointsUrban Camping sold goods for $200 to a charge customer. The customer returned $90 worth ofgoods for credit. Which entry is required to record the return transaction?A. debit Sales Returns and Allowances $90; credit Accounts Receivable $90B. debit Sales Returns and Allowances $90; credit Sales $90C. debit Sales $90; credit Sales Returns and Allowances $90D. debit Accounts Receivable $90; credit Sales Returns and Allowances $90
Part 2 of 2 - Lesson 5 Questions32.5/ 50.0 PointsQuestion 21 of 402.5/ 2.5 PointsWhich method uses an aging of Accounts Receivable to calculate the Bad Debts Expense?
D. direct write-offQuestion 22 of 402.5/ 2.5 PointsUnder the allowance method, Bad Debt Expense is recorded __________.
Question 23 of 402.5/ 2.5 PointsGross Accounts Receivable is $10,000. Allowance for Doubtful Accounts has a credit balanceof $200. Net sales for the year are $150,000. In the past, 2% of sales had proved uncollectible,and an aging of the receivables indicates $1,200 is doubtful. Under the income statementapproach, the Bad Debts Expense for the year is __________.
C. $2,800D. $1,200Question 24 of 402.5/ 2.5 PointsWhat type of account is an Allowance for Doubtful Accounts?A. AssetB. Contra-assetC. RevenueD. Contra-revenue
Question 25 of 402.5/ 2.5 PointsA detailed analysis of Accounts Receivable to determine how long each account has beenoutstanding is called __________.
B. aging the uncollectible accountsC. aging the Accounts ReceivableD. taking a percentage of sales on accountQuestion 26 of 402.5/ 2.5 PointsA company writes off a specific account as uncollectible, but later the customer pays. Thejournal entry to record the reinstatement under the allowance method includes a(n.__________.
Question 27 of 402.5/ 2.5 PointsAs the past due time increases for an account, the likelihood of collecting that account
A. usually goes upB. usually goes downC. stays the sameD. none of the above

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Term
Fall
Professor
N/A
Tags
Balance Sheet, Generally Accepted Accounting Principles, Doubtful Accounts

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