Quiz 4 Receivables

Quiz 4 Receivables

University

10 Qs

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Quiz 4 Receivables

Quiz 4 Receivables

Assessment

Quiz

Business

University

Hard

Created by

sameen arif

Used 8+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

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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