32 when the account allowance for doubtful accounts

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Chapter 8 / Exercise 8-21
Accounting Using Excel for Success
Reeve/Warren
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32. When the account Allowance for Doubtful Accounts is used, writing off of an uncollectible accounts receivable will: 33. On December 30, 2018, Varsity Corporation sold available for sale marketable securities
costing $800,000 for $860,000 cash. The securities were purchased on January 2, 2016 and the market value of the securities on December 31, 2016 and December 31, 2017 was $820,000 and $780,000, respectively. How much gain or loss will Varsity report in its income statement for the year ending December 31, 2018? )
34. Deegan Industries has an accounts receivable turnover rate of 8. Which of the following statements is not true?
35. An NSF check returned by the bank should be entered in the depositor's accounting records by a debit to: 36. The Allowance for Doubtful Accounts will appear on the:
37. Each of these categories of assets is normally shown in the balance sheet at current value, except : 38. The purpose of the fair value adjustment for securities classified as "available-for-sale" is:
39. Which of the following activities affects net income, but has no immediate impact upon cash
flows?
40. The aging of the accounts receivable approach to estimating uncollectible accounts does not : 41. Cash equivalents are the most liquid of all assets.
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Chapter 8 / Exercise 8-21
Accounting Using Excel for Success
Reeve/Warren
Expert Verified
42. A line of credit is an advance agreement by a bank to lend a company any amount of money up to a specified limit. 43. Cash equivalents include money market funds, U.S. Treasury bills, and high-grade commercial paper that mature within 90 days of acquisition. 44. A compensating balance is often required by a bank as a condition for granting a loan. 45. Internal control will aid in achieving accurate accounting for cash transactions. 46. Service charges are an example of a transaction that appears in the bank statement but which may not yet have been recorded by the company. 47. In the bank reconciliation, every adjustment to the balance per depositor's records requires a journal entry. 48. A basic characteristic of all marketable securities is that they can be purchased or sold quickly and easily at quoted market prices.

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