The net amount expected to be received in cash from receivables is termed the

Quiz 4 Receivables

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Business
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University
•
Hard

sameen arif
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
cash realizable value.
cash-good value.
gross cash value.
cash-equivalent value.
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Janway sells softball equipment. On November 14, they shipped $1,000 worth of softball
uniforms to Chris Middle School, terms 2/10, n/30. On November 21, they received an
order from Douglas High School for $600 worth of custom printed bats to be produced in
December. On November 30, Chris Middle School returned $100 of defective
merchandise. Janway has received no payments from either school as of month end.
What amount will be recognized as net accounts receivable on the Balance Sheet as of
November 30?
$1,600
$1,500
$1,000
$900
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When the allowance method is used to account for uncollectible accounts, Bad Debts
Expense is debited when
a sale is made.
an account becomes bad and is written off.
management estimates the amount of uncollectibles.
a customer's account becomes past-due.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When an account becomes uncollectible and must be written off,
Allowance for Doubtful Accounts should be credited
Accounts Receivable should be credited.
Bad Debts Expense should be credited.
Sales should be debited.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Long Company uses the percentage of sales method for recording bad debts expense.
For the year, cash sales are $500,000 and credit sales are $2,000,000. Management
estimates that 1% is the sales percentage to use. What adjusting entry will Long Company
make to record the bad debts expense?
Bad Debts Expense ....................................................... 25,000
Allowance for Doubtful Accounts ................................... 25,000
Bad Debts Expense ....................................................... 20,000
Allowance for Doubtful Accounts ................................... 20,000
Bad Debts Expense ....................................................... 20,000
Accounts Receivable ..................................................... 20,000
Bad Debts Expense ....................................................... 25,000
Accounts Receivable ..................................................... 25,000
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
An aging of a company's accounts receivable indicates that $4,000 are estimated to be
uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance, the
adjustment to record bad debts for the period will require a
debit to Bad Debts Expense for $4,000
debit to Allowance for Doubtful Accounts for $2,800.
debit to Bad Debts Expense for $2,800.
credit to Allowance for Doubtful Accounts for $4,000.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
12/31/07
Accounts receivable $525,000
Allowance (45,000)
Cash realizable value $480,000
During 2008, sales on account were $145,000 and collections on account were $86,000. Also
during 2008, the company wrote off $8,000 in uncollectible accounts. An analysis of outstanding
receivable accounts at year end indicated that bad debts should be estimated at $54,000.
The change in the cash realizable value from the balance at 12/31/07 to 12/31/08 was a
$50,000 increase.
$59,000 increase.
$42,000 increase.
$51,000 increase.
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