Three accounting issues associated with accounts

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67. Three accounting issues associated with accounts receivable area. depreciating, returns, and valuing.b. depreciating, valuing, and collecting.c. recognizing, valuing, and disposing.d. accrual, bad debts, and disposing.
Ans: , LO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective,AICPA FN: Measurement, AICPA PC: None, IMA: Business Economics68. Which of the following would require a compound journal entry?
69. The adjusting entry a retailer makes to record interest on customer amounts due includes a debit to
Ans: , LO: 2, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective,AICPA FN: Measurement, AICPA PC: None, IMA: Business Economics70. A customer charges a treadmill at Mike’s Sport Shop. The price is €800 and the financing charge is 9%per annum if the bill is not paid in 30 days. The customer fails to pay the bill within 30 days and a financecharge is added to the customer’s account.What is the amount of the finance charge?
71. A customer charges a treadmill at Mike’s Sport Shop. The price is €2,000 and the financing charge is9% per annum if the bill is not paid in 30 days. The customer fails to pay the bill within 30 days and afinance charge is added to the customer’s account.The accounts affected by the journal entry made by Mike’s Sport Shop to record the finance charge area. Accounts ReceivableCashb. CashFinance Receivablec. Accounts ReceivableInterest Payabled. Accounts ReceivableInterest RevenueAns: , LO: 2, Bloom: C, Difficulty: Easy, Min: 2, AACSB: None, AICPA BB: Legal/Regulatory Perspective,AICPA FN: Measurement, AICPA PC: None, IMA: FSA
72. The net amount expected to be received in cash from receivables is termed the

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Term
Spring
Professor
Yu Sin

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