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Question 1 In May 2012, Byers Co. wrote off the $700 account of Sam Slow as uncollectible. In December 2012, Slow sent a check for $500 and a memo...

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Queston 1 In May 2012, Byers Co. wroTe of The $700 accounT oF Sam Slow as uncollectble. In December 2012, Slow senT a check For $500 and a memo saying he could noT pay The remaining balance. Assuming Byers Co. uses The allowance meThod, The enTry (enTries) ThaT should be made on iTs books as a resulT oF The collecton and noTe is (are): A. AccounTs Receivable (Slow) 500 Allowance For Uncollectble AccounTs 500 Cash 500 AccounTs Receivable (Slow) 500 B. Cash 500 AccounTs Receivable (Slow) 500 C. Cash 500 AccounTs Receivable (Slow) 200 Allowance For Uncollectble AccounTs 700 D. Cash 500 Uncollectble AccounTs Expense 500 2 poinTs Queston 2 CurrenT liabilites are obligatons ThaT are payable wiThin one year or one operatng cycle, whichever is shorTer.
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True False 2 points Ques±on 3 A one-month note dated May 31, 2012, matures on June 30, 2012. True False 2 points Ques±on 4 The current por±on of long-term debt will appear in the balance sheet under the heading: A. Long-term Liabili±es. B. Current Liabili±es. C. Intermediate-term Liabili±es. D. Other Debt. 2 points Ques±on 5
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