which one of these is NOT a contra-revenue account

major review 2 ch5

Quiz
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Business
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University
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Medium
Mellayne Richards
Used 3+ times
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16 questions
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1.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
Trade discount
Sales returns
Sales Allowance
Sales Discount
2.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
XYZ Consulting offers a 15% trade discount when providing services of $6,000 or more to its customers.
The company provides services of $8,000 (before applying the trade discount) on account.
How should XYZ Consulting record this transaction in the general journal?
Accounts Receivable - $8,000 (Debit)
Service Revenue - $8,000 (Credit)
Accounts Receivable - $6,800 (Debit)
Service Revenue - $6,800 (Credit)
Accounts Receivable - $6,500 (Debit)
Service Revenue - $6,500 (Credit)
Accounts Receivable - $7,200 (Debit)
Service Revenue - $7,200 (Credit)
3.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
A customer purchases merchandise from ABC Retail for $1,200 on account. Later, they notice a minor defect and negotiate a $200 sales allowance instead of returning the item.
Debit Sales Allowances $200, Credit Accounts Receivable $200
Debit Accounts Receivable $1,000, Credit Sales Allowances $200
Debit Sales Allowances $1,200, Credit Accounts Receivable $1,200
Debit Cash $200, Credit Sales Revenue $200
4.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
At December 31, Gill Company reported Accounts Receivable of $262,000 and an Allowance for Uncollectible Accounts of $850 (credit) before adjustment. An analysis suggests that the Allowance for Uncollectible Accounts should be 1% of Accounts Receivable.
$3,280
$2,620
$1,770
$850
5.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
The following information pertains to Summit Corp. at the end of December:
Accounts Receivable = $12,500
$8,000 not yet due (6% estimated uncollectible)
$3,000 up to 30 days past due (18% estimated uncollectible)
$1,500 greater than 30 days past due (42% estimated uncollectible)
Allowance for Uncollectible Accounts (before adjustment) = $500 credit
What is the appropriate amount of Bad Debt Expense that Summit Corp. should record?
A) $1,150
B) $1,240
C) $1,650
D) $2,150
6.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
At the beginning of the year, Coastal Retail Inc. had an Allowance for Uncollectible Accounts balance of $18,000. By the end of the year, the company determined that actual bad debts totaled $22,500 and needed to be written off.
What is the correct journal entry to record the write-off of these uncollectible accounts?
Debit: Bad Debt Expense $22,500
Credit: Allowance for Uncollectible Accounts $22,500
Debit: Allowance for Uncollectible Accounts $22,500
Credit: Accounts Receivable $22,500
Debit: Allowance for Uncollectible Accounts $4,500
Credit: Accounts Receivable $4,500
Debit: Allowance for Uncollectible Accounts $18,000
Credit: Accounts Receivable $18,000
7.
MULTIPLE CHOICE QUESTION
15 mins • 1 pt
At the beginning of the year, Coastal Retail Inc. had an Allowance for Uncollectible Accounts balance of $18,000. By the end of the year, the company determined that actual bad debts totaled $22,500 and needed to be written off.
What is the balance of the Allowance for Uncollectible Accounts at the end of the year after the write-off?
A) $4,500 credit
B) $0
C) $18,000 credit
D) $4,500 debit
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