What is the correct journal entry for consulting services provided on account?
Ch7. Video 5 - Allowance Method example

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7 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Debit Cash, Credit Accounts Payable
Debit Service Revenue, Credit Accounts Receivable
Debit Cash, Credit Service Revenue
Debit Accounts Receivable, Credit Service Revenue
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When Juliet Company collects cash from accounts receivable, what is the correct journal entry?
Debit Cash, Credit Accounts Receivable
Debit Cash, Credit Service Revenue
Debit Accounts Receivable, Credit Cash
Debit Service Revenue, Credit Cash
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does Juliet Company estimate uncollectible accounts?
By writing off the entire accounts receivable
By creating a contra account called Allowance for Doubtful Accounts
By increasing the cash balance
By reducing service revenue
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens when an account is written off as uncollectible?
The account is transferred to cash
The account is credited to service revenue
The account is removed from accounts receivable and allowance for doubtful accounts
The account is added back to accounts receivable
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of the Allowance for Doubtful Accounts?
To estimate the amount of accounts receivable that may not be collected
To decrease the accounts payable
To increase the cash balance
To record additional service revenue
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the impact on the financial statements when a previously written-off account is collected?
The net realizable value of accounts receivable remains unchanged
The allowance for doubtful accounts increases
The service revenue increases
The accounts receivable balance decreases
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is the net realizable value of accounts receivable calculated?
By dividing accounts receivable by the allowance for doubtful accounts
By multiplying accounts receivable by the allowance for doubtful accounts
By subtracting the allowance for doubtful accounts from accounts receivable
By adding the allowance for doubtful accounts to accounts receivable
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