John's Jean Shop signed a 90-day, 12% note to Denim Warehouse for an extension of time on its account payable in the amount of $4,000. The correct entry for John's Jean Shop to record the note payable for an extension of time is:

debit Accounts Payable/Denim Warehouse, $4,000; credit Notes Payable, $4,000.

debit Notes Payable, $4,000; credit Accounts Payable/Denim Warehouse, $4,000.

debit Notes Payable, $4,120; credit Accounts Payable/Denim Warehouse, $4,120.

debit Accounts Payable/Denim Warehouse, $4,120; credit Notes Payable, $4,120.

Carson Tyler has an overdue account in the amount of $415.50 with Mountain Oil Company. Mountain Oil Company agrees to accept a note receivable from Carson. The journal entry to record the acceptance of the note receivable is:

debit Notes Receivable, $415.50; credit Accounts Receivable/Carson Tyler, $415.50.

debit Cash, $415.50; credit Accounts Receivable/Carson Tyler, $415.50.

debit Accounts Receivable/Carson Tyler, $415.50; credit Notes Receivable, $415.50.

debit Accounts Receivable/Carson Tyler, $415.50; credit Cash, $415.50.

Kevin Davis dishonored a 90-day, 8% note for $2,000. What is the journal entry to record the dishonored note receivable?

debit Accounts Receivable/Kevin Davis, $2,040; credit Interest Income, $40; credit Notes Receivable, $2,000

debit Notes Receivable, $2,040; credit Interest Income, $40; credit Accounts Receivable/Kevin Davis, $2,000

debit Accounts Receivable/Kevin Davis, $2,000; credit Notes Receivable, $2,000

debit Notes Receivable, $2,040; credit Accounts Receivable/Kevin Davis, $2,040

Lighten Up Electrical Supply received a payment of a note receivable in the amount of $1,675. Interest on the note receivable was $75. The journal entry to record the payment of the note receivable is:

debit Cash, $1,675; credit Interest Income, $75, Notes Receivable, $1,600.

debit Cash, $1,675; credit Accounts Receivable, $1,675.

debit Accounts Receivable, $1,675; credit Cash, $1,675.

debit Cash, $1,600, Interest Expense, $1,275; credit Accounts Receivable, $1,675.

Blowing Rock Hardware paid First American Bank in full for a 180-day, 12%, interest-bearing note for $10,000. Using a 360-day year, the Blowing Rock journal entry for the payment of the note payable is:

debit Notes Payable, $10,000.00, Interest Expense, $600.00; credit Cash, $10,600.00.

debit Cash, $10,600.00; credit Notes Payable, $10,600.00.

debit Cash, $10,600.00; credit Notes Payable, $10,000.00, Interest Expense, $600.00.

debit Notes Payable, $10,600.00; credit Interest Expense, $600.00, Cash, $10,000.00.

Beach Bums Surf Shop signed a 90-day, 5%, interest-bearing note for $3,000.00 with First National Bank. The Beach Bums Surf Shop journal entry for the issuance of the note payable is:

debit Cash, $3,000.00; credit Notes Payable, $3,000.00.

debit Cash, $3,037.50; credit Notes Payable, $3,037.50.

debit Notes Payable, $3,000.00; credit Cash, $3,000.00.

debit Notes Payable, $3,150.00; credit Cash, $3,150.00.

Of the current year's sales, $2,100 will eventually be uncollectible. The Allowance for Uncollectible Accounts balance is $350. The journal entry for recording the adjustment for uncollectible accounts, based on the percent of sales method, is:

debit Uncollectible Accounts Expense, $2,100; credit Allowance for Uncollectible Accounts, $2,100.

debit Uncollectible Accounts Expense, $1,750; credit Allowance for Uncollectible Accounts, $1,750.

debit Allowance for Uncollectible Accounts, $1,750; credit Uncollectible Accounts Expense, $1,750.

debit Allowance for Uncollectible Accounts, $2,100; credit Uncollectible Accounts Expense, $2,100.

The Sawyer Company estimates $1,500 of the current year's sales will eventually be uncollectible. The Allowance for Uncollectible Accounts balance is $200. The journal entry for recording the adjustment for uncollectible accounts is:

debit Uncollectible Accounts Expense, $1,500; credit Allowance for Uncollectible Accounts, $1,500.

debit Allowance for Uncollectible Accounts, $1,500; credit Uncollectible Accounts Expense, $1,500.

debit Allowance for Uncollectible Accounts, $1,300; credit Uncollectible Accounts Expense, $1,300.

debit Uncollectible Accounts Expense, $1,300; credit Allowance for Uncollectible Accounts, $1,300.

On Your Mark Writing Supplies received a check for $225.00 from Pen & Paper, whose account was previously written off. On Your Mark Writing Supplies uses the Allowance Method for uncollectible accounts. The correct entry to re-open the account for Pen & Paper is:

debit Accounts Receivable/Pen & Paper, $225.00; credit Allowance for Uncollectible Accounts, $225.00.

debit Accounts Receivable/Pen & Paper, $225.00; credit Uncollectible Accounts Expense, $225.00.

debit Uncollectible Accounts Expense, $225.00; credit Accounts Receivable/Pen & Paper, $225.00.

debit Uncollectible Accounts Expense, $225.00; credit Allowance for Uncollectible Accounts, $225.00.

Western Textile Company estimates its uncollectible accounts expense for the year to be $3,575. The correct entry to record the estimated uncollectible accounts expense is:

debit Uncollectible Accounts Expense, $3,575; credit Allowance for Uncollectible Accounts, $3,575.

debit Uncollectible Accounts Expense, $3,575; credit Accounts Receivable, $3,575.

debit Accounts Receivable, $3,575; credit Uncollectible Accounts Expense, $3,575.

debit Allowance for Uncollectible Accounts, $3,575; credit Uncollectible Accounts Expense, $3,575.

Mother Goose Children’s Clothing received a check for $125 from Little Angels, whose account was previously written off. Mother Goose Children’s Clothing uses the allowance method when handling uncollectible accounts receivable. The correct entry to reopen the account for Little Angels is:

debit Accounts Receivable/Little Angels, $125; credit Allowance for Uncollectible Accounts, $125.

debit Accounts Receivable/Little Angels, $125; credit Uncollectible Accounts Expense, $125.

debit Uncollectible Accounts Expense, $125; credit Accounts Receivable/Little Angels, $125.

debit Uncollectible Accounts Expense, $125; credit Allowance for Uncollectible Accounts, $125.

Kitchen Supply Warehouse uses the direct write-off method when handling uncollectible accounts receivable. Coffey's Diner owes $450 on account. Kitchen Supply Warehouse has determined this account to be uncollectible. The correct entry for writing off this account is:

debit Uncollectible Accounts Expense, $450; credit Accounts Receivable/Coffey's Diner, $450.

debit Uncollectible Accounts Expense, $450; credit Allowance for Uncollectible Accounts, $450.

debit Accounts Receivable/Coffey's Diner, $450; credit Uncollectible Accounts Expense, $450.

debit Accounts Receivable/Coffey's Diner, $450; credit Allowance for Uncollectible Accounts, $450.

Legal Eagles Law Firm uses the direct write-off method when handling uncollectible accounts receivable. Joe Coffey owes $250 on account. Legal Eagles Law Firm has determined this account to be uncollectible. The correct entry for writing off this account is:

debit Uncollectible Accounts Expense, $250; credit Accounts Receivable/Joe Coffey, $250.

debit Accounts Receivable/Joe Coffey, $250; credit Allowance for Uncollectible Accounts, $250.

debit Accounts Receivable/Joe Coffey, $250; credit Uncollectible Accounts Expense, $250.

debit Uncollectible Accounts Expense, $250; credit Allowance for Uncollectible Accounts, $250.

Steve’s Auto Shop uses the direct write-off method when handling uncollectible accounts receivable. John Taylor owes $375 on account. Steve’s Auto Shop has determined this account to be uncollectible. The correct entry for writing off this account is:

debit Uncollectible Accounts Expense, $375; credit Accounts Receivable/John Taylor, $375.

debit Accounts Receivable/John Taylor, $375; credit Uncollectible Accounts Expense, $375.

debit Accounts Receivable/John Taylor, $375; credit Allowance for Uncollectible Accounts, $375.

debit Uncollectible Accounts Expense, $375; credit Allowance for Uncollectible Accounts, $375.

Pigskin Sports estimates its uncollectible accounts expense for the year to be $850. The correct entry to record the estimated uncollectible accounts expense is:

debit Uncollectible Accounts Expense, $850; credit Allowance for Uncollectible Accounts, $850.

debit Uncollectible Accounts Expense, $850; credit Accounts Receivable, $850.

debit Accounts Receivable, $850; credit Uncollectible Accounts Expense, $850.

debit Allowance for Uncollectible Accounts, $850; credit Uncollectible Accounts Expense, $850.

Pet Food Wholesale estimates its uncollectible accounts expense for the year to be $1,500. The correct entry to record the estimated uncollectible accounts expense is:

debit Uncollectible Accounts Expense, $1,500; credit Allowance for Uncollectible Accounts, $1,500.

debit Uncollectible Accounts Expense, $1,500; credit Accounts Receivable, $1,500.

debit Accounts Receivable, $1,500; credit Uncollectible Accounts Expense, $1,500.

debit Allowance for Uncollectible Accounts, $1,500; credit Uncollectible Accounts Expense, $1,500.

Steve's Auto Repair has depreciation expense of $3,500 at the end of the fiscal year. The entry to journalize the depreciation expense is:

debit Depreciation Expense, $3,500; credit Accumulated Depreciation, $3,500.

debit Accumulated Depreciation, $3,500; credit Depreciation Expense, $3,500.

debit Depreciation Expense, $3,500; credit Equipment, $3,500.

debit Equipment, $3,500; credit Accumulated Depreciation, $3,500.

Burger Boy Diner has depreciation expense of $800 at the end of the fiscal year. The journal entry for depreciation expense is:

debit Depreciation Expense, $800; credit Accumulated Depreciation, $800.

debit Accumulated Depreciation, $800; credit Depreciation Expense, $800.

debit Depreciation Expense, $800; credit Equipment, $800.

debit Equipment, $800; credit Accumulated Depreciation, $800.

The Store Equipment account has a balance of $30,000. The equipment has a useful life of 8 years and a salvage value of $6,000. At the end of the year, how is the adjusting entry for depreciation recorded on a multicolumn trial balance worksheet?

In the Adjustments columns, debit Depreciation Expense-Store Equipment, $3,000; credit Accumulated Depreciation-Store Equipment, $3,000.

In the Adjustments columns, debit Store Equipment, $3,000; credit Depreciation Expense-Store Equipment, $3,000.

In the Adjustments columns, debit Depreciation Expense-Store Equipment, $3,000; credit Store Equipment, $3,000.

In the Adjustments columns, debit Accumulated Depreciation-Store Equipment, $3,000; credit Depreciation Expense-Store Equipment, $3,000.

Accounting I - Unit 6 Review

Authored by Conner Buddington

Business

12th Grade

Used 1+ times

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

Content View

Student View

45 questions

Show all answers

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Master Marketing signed a $40,000.00, 90-day note at 6% on June 1, 20XX. Master Marketing uses a 360-day year. What is the total amount of interest to be paid on this note?

$400

$591.78

$600

$2,400

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Master Marketing received a payment on a note receivable in the amount of $1,295. Interest on the note receivable was $95. The journal entry to record the payment of the note receivable is:

debit Accounts Receivable, $1,295; credit Cash, $1,295.

debit Cash, $1,295; credit Accounts Receivable, $1,295.

debit Cash, $1,295; credit Interest Income, $95, Notes Receivable, $1,200.

debit Cash, $1,200, Interest Expense, $95; credit Accounts Receivable, $1,295.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Grandfather Tours signed a $12,000, 180-day note at 9% on March 1, 20XX. Grandfather Tours uses a 360-day year. What is the total amount of interest to be paid on this note?

$108

$532

$540

$1,080

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Grandfather Tours signed a $12,000, 180-day note at 9% on March 1. Grandfather Tours uses a 360-day year. Using this information, what is the maturity date of the note payable?

August 27

August 28

August 29

August 30

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Mountain Business Services signed a $25,000.00 90-day note at 5% on May 1, 20XX. Mountain Business Services uses a 360-day year. What is the total amount of interest to be paid on this note?

$1,250

$312.50

$308.22

$125

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Sports Warehouse received a payment in the amount of $697.50 for a note receivable. Interest on the note receivable was $47.50. The journal entry to record the receipt of payment of the note receivable is:

debit Cash, $697.50; credit Accounts Receivable, $697.50.

debit Accounts Receivable, $697.50; credit Cash, $697.50.

debit Cash, $697.50; credit Interest Income, $47.50, Notes Receivable, $650.00.

debit Cash, $650.00, Interest Expense, $47.50; credit Accounts Receivable, $697.50.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Sneakers Snack Shop signed a $80,000, 60-day, 7%, interest-bearing note on July 1. What is the maturity date of the note?

September 2

September 1

August 31

August 30

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever

or continue with

Microsoft

Apple

Others

Already have an account?

Similar Resources on Wayground

50 questions

RRHS DECA Finance Cluster Exam

Quiz

•

9th - 12th Grade

41 questions

AQA Business Year 1

Quiz

•

12th Grade

42 questions

BOOK KEEPING

Quiz

•

9th - 12th Grade

40 questions

UAS GANJIL ADTRANS 023

Quiz

•

9th - 12th Grade

40 questions

Dave Ramsey - Chapter 3 Review

Quiz

•

12th Grade

50 questions

Business Management I Standard 3.00 Review (v.2019)

Quiz

•

9th - 12th Grade

46 questions

Stocks and Bonds (B12&13)

Quiz

•

KG - 12th Grade

40 questions

CSB Practice Test A

Quiz

•

9th - 12th Grade

Popular Resources on Wayground

20 questions

"What is the question asking??" Grades 3-5

Quiz

•

1st - 5th Grade

20 questions

“What is the question asking??” Grades 6-8

Quiz

•

6th - 8th Grade

10 questions

Fire Safety Quiz

Quiz

•

12th Grade

20 questions

Equivalent Fractions

Quiz

•

3rd Grade

34 questions

STAAR Review 6th - 8th grade Reading Part 1

Quiz

•

6th - 8th Grade

20 questions

“What is the question asking??” English I-II

Quiz

•

9th - 12th Grade

20 questions

Main Idea and Details

Quiz

•

5th Grade

47 questions

8th Grade Reading STAAR Ultimate Review!

Quiz

•

8th Grade

Discover more resources for Business

10 questions

BizInnovator Startup - What's Your Problem

Quiz

•

9th - 12th Grade

25 questions

Job Interview Skills

Quiz

•

9th - 12th Grade

17 questions

Insurance - 1

Quiz

•

11th - 12th Grade

Accounting I - Unit 6 Review

Master Marketing signed a $40,000.00, 90-day note at 6% on June 1, 20XX. Master Marketing uses a 360-day year. What is the total amount of interest to be paid on this note?

Master Marketing received a payment on a note receivable in the amount of $1,295. Interest on the note receivable was $95. The journal entry to record the payment of the note receivable is:

Grandfather Tours signed a $12,000, 180-day note at 9% on March 1, 20XX. Grandfather Tours uses a 360-day year. What is the total amount of interest to be paid on this note?

Grandfather Tours signed a $12,000, 180-day note at 9% on March 1. Grandfather Tours uses a 360-day year. Using this information, what is the maturity date of the note payable?

Mountain Business Services signed a $25,000.00 90-day note at 5% on May 1, 20XX. Mountain Business Services uses a 360-day year. What is the total amount of interest to be paid on this note?

Sports Warehouse received a payment in the amount of $697.50 for a note receivable. Interest on the note receivable was $47.50. The journal entry to record the receipt of payment of the note receivable is:

Sneakers Snack Shop signed a $80,000, 60-day, 7%, interest-bearing note on July 1. What is the maturity date of the note?

John's Jean Shop signed a 90-day, 12% note to Denim Warehouse for an extension of time on its account payable in the amount of $4,000. The correct entry for John's Jean Shop to record the note payable for an extension of time is:

High Country Apparel signed a $75,000, two-year, interest-bearing, 5% note on October 1, 20XX. The maturity value of the note is:

Carson Tyler has an overdue account in the amount of $415.50 with Mountain Oil Company. Mountain Oil Company agrees to accept a note receivable from Carson. The journal entry to record the acceptance of the note receivable is:

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Business