Homework Answers
14. True,
First account receivable should be restated with the amount received and later amount need to be credited
15. Option D , contra asset, credit.
16. True , (Account receivable - allowance for doubtful account = Net realizable value
17. Option C , How frequently during the year the account receivable are being converted into cash.
Credit to cash is called account receivable turnover.
18. True. Note receivable are promissory note attached which are legal
19. January 30 , Option D.
90 days + November 1
90+1 = 91
91 - 30 ( november has 30 days ) - 31 (december has 31 days ) = 30 januray
20. Option D , none of the above.
$ 50,000 * 9 % * 50 / 360 = $ 1125.
21. Option D , all of the above.
Add Answer to:
en an account receivable that has been written off is subsequently collected, that account receivable must...
Question 6 (4 points) When an account has been written off under the direct write-off method...
Question 6 (4 points) When an account has been written off under the direct write-off method in one period and is collected in a subsequent period, the credit to reinstate the account is made to O Accounts Receivable. Bad Debt Expense. Bad Debt Income. Uncollectible Accounts Recovered. Question 8 (4 points) If after taking a percentage of sales on account, it is estimated that $1,000 will not be collected and the allowance account has an existing credit balance of $200,...
When a company receives payment from a customer whose account was previously written off, the account...
When a company receives payment from a customer whose account was previously written off, the account is reinstated and the net realizable value of Accounts Receivable increases True or False True False
4.)If an account is collected after having been previously written off, Conly the control account needs to be credit...
4.)If an account is collected after having been previously written off, Conly the control account needs to be credited. both income statement and balance sheet accounts will be affected there will be both a debit and a credit to accounts receivable. Cthe allowance account should be debited.
True/False 1. ____ Companies use two separate accounts in order to report accounts receivable at its...
True/False 1. ____ Companies use two separate accounts in order to report accounts receivable at its net realizable value. 2. ____ Bad debt expense is reported on the balance sheet as a contra account to accounts receivable. 3. ____ The matching principle says that expenses should be recorded the same period as the revenues they help generate. 4. ____ Once an account has been written off, it can never be reinstated on the books, even if it is later collected....
5. The Lowery Co. uses the direct write-off method of accounting for uncollectible accounts receivable. Lowery...
5. The Lowery Co. uses the direct write-off method of accounting for uncollectible accounts receivable. Lowery has a customer whose accounts receivable balance has been determined to likely be wrotestable The entry to write off this account would be which oflua following?: a. debit Sales Returns and Allowance, credit Accounts Receivable b. debit Bad Debt Expense; credit Allowance for Doubtful Accounts c. debit Allowance for Doubtful Accounts; credit Accounts Receivable. d. debit Bad Debt Expense; credit Accounts Receivable Abbott Company...
Chapter 9 Receivables 435 Nov. 20. Reinstated the account of Dugan Co., which had been write...
Chapter 9 Receivables 435 Nov. 20. Reinstated the account of Dugan Co., which had been write wing year as uncollectible. Journali edhe receipt of $5.900 cash in full payment of the account. Dec. 31. Wrote off the following accounts as uncolle CO., $3,000; Moore Co., $4,000; Butte Distributors, $8.000; Parker Towers, $6,700. which had been written off in the 31. Based on an analysis of the $1,200,000 of accounts receivable, it was estimat ed that $60,000 will be uncollectible. Journalized...
Receivables are often classified as accounts, notes, long-lived 33 a. b. accounts, notes, other accounts, otes,...
Receivables are often classified as accounts, notes, long-lived 33 a. b. accounts, notes, other accounts, otes, inventory none of the above. c. d. All of the following are "other receivables" escept petty cash interest receivable. income taxes refundable. advances to employees. 34 a. b. c. d. The method of accounting for bad debt expense, which conforms to GAAP is: 35 direct write-off method. a. allowance method. both a and b none of the above. d. An aging schedule of accounts...
4. Jackson Co. currently has an Allowance for Doubtful Accounts (contra account to accounts receivable) credit...
4. Jackson Co. currently has an Allowance for Doubtful Accounts (contra account to accounts receivable) credit balance of $22,000. The year-end Accounts Receivable balance (gross) is $425,000. Jackson Co. estimates that they should have 3.5% of total year sales in their Allowance for Doubtful Accounts at year-end. Note: Total year sales were $1.3 million. a. Prepare the necessary entry to adjust the Allowance for Doubtful Accounts to the correct balance. b. What is the correct balance for Jackson Co. year-end...
A)Accounts receivable accounts B) Allowance for doubtful debts account. C) Statement of profit or loss (extract)....
A)Accounts receivable accounts
B) Allowance for doubtful debts account.
C) Statement of profit or loss (extract).
D) Statement of financial position(extract).
Accounting for Accounts Receivable 15 & Suria commenced business on 1 January 20X0. At year end, 31 December 20X0, the accounts receivable balance was RM10,000. In addition, she found that it was necessary to create an allowance for doubtful debts of RM960. ro During the year ended 31 December 20X1, an amount totalling RM840 proved to be bad and...
QUESTION 9 Allowance for Doubtful Accounts: a contra asset account True False 5 points QUESTION 10...
QUESTION 9 Allowance for Doubtful Accounts: a contra asset account True False 5 points QUESTION 10 Bonded employee: An employee who handles cash transactions, and is insured by the employer against any losses that may be done by that employee (such as theft). True False QUESTION 11 Petty cash journal entry used to start the fund: Debit: Cash Credit: Petty Cash True False 5 points Sverwer QUESTION 12 In a bank reconciliation: the adjusted bank balance and the adjusted book...
Question 6 (4 points) When an account has been written off under the direct write-off method in one period and is collected in a subsequent period, the credit to reinstate the account is made to O Accounts Receivable. Bad Debt Expense. Bad Debt Income. Uncollectible Accounts Recovered. Question 8 (4 points) If after taking a percentage of sales on account, it is estimated that $1,000 will not be collected and the allowance account has an existing credit balance of $200,...
When a company receives payment from a customer whose account was previously written off, the account is reinstated and the net realizable value of Accounts Receivable increases True or False True False
4.)If an account is collected after having been previously written off, Conly the control account needs to be credited. both income statement and balance sheet accounts will be affected there will be both a debit and a credit to accounts receivable. Cthe allowance account should be debited.
5. The Lowery Co. uses the direct write-off method of accounting for uncollectible accounts receivable. Lowery has a customer whose accounts receivable balance has been determined to likely be wrotestable The entry to write off this account would be which oflua following?: a. debit Sales Returns and Allowance, credit Accounts Receivable b. debit Bad Debt Expense; credit Allowance for Doubtful Accounts c. debit Allowance for Doubtful Accounts; credit Accounts Receivable. d. debit Bad Debt Expense; credit Accounts Receivable Abbott Company...
Chapter 9 Receivables 435 Nov. 20. Reinstated the account of Dugan Co., which had been write wing year as uncollectible. Journali edhe receipt of $5.900 cash in full payment of the account. Dec. 31. Wrote off the following accounts as uncolle CO., $3,000; Moore Co., $4,000; Butte Distributors, $8.000; Parker Towers, $6,700. which had been written off in the 31. Based on an analysis of the $1,200,000 of accounts receivable, it was estimat ed that $60,000 will be uncollectible. Journalized...
Receivables are often classified as accounts, notes, long-lived 33 a. b. accounts, notes, other accounts, otes, inventory none of the above. c. d. All of the following are "other receivables" escept petty cash interest receivable. income taxes refundable. advances to employees. 34 a. b. c. d. The method of accounting for bad debt expense, which conforms to GAAP is: 35 direct write-off method. a. allowance method. both a and b none of the above. d. An aging schedule of accounts...
4. Jackson Co. currently has an Allowance for Doubtful Accounts (contra account to accounts receivable) credit balance of $22,000. The year-end Accounts Receivable balance (gross) is $425,000. Jackson Co. estimates that they should have 3.5% of total year sales in their Allowance for Doubtful Accounts at year-end. Note: Total year sales were $1.3 million. a. Prepare the necessary entry to adjust the Allowance for Doubtful Accounts to the correct balance. b. What is the correct balance for Jackson Co. year-end...
A)Accounts receivable accounts
B) Allowance for doubtful debts account.
C) Statement of profit or loss (extract).
D) Statement of financial position(extract).
Accounting for Accounts Receivable 15 & Suria commenced business on 1 January 20X0. At year end, 31 December 20X0, the accounts receivable balance was RM10,000. In addition, she found that it was necessary to create an allowance for doubtful debts of RM960. ro During the year ended 31 December 20X1, an amount totalling RM840 proved to be bad and...
QUESTION 9 Allowance for Doubtful Accounts: a contra asset account True False 5 points QUESTION 10 Bonded employee: An employee who handles cash transactions, and is insured by the employer against any losses that may be done by that employee (such as theft). True False QUESTION 11 Petty cash journal entry used to start the fund: Debit: Cash Credit: Petty Cash True False 5 points Sverwer QUESTION 12 In a bank reconciliation: the adjusted bank balance and the adjusted book...
Most questions answered within 3 hours.
-
Cisco packet tracer
Q1) Do you get any changes of IP address when packet is
traversing...
asked 12 minutes ago -
What is the pressure inside a 33.0 L container holding 106.4 kg
of argon gas at...
asked 1 hour ago -
Question no 2
A housekeeping support department budgets its costs at
SR 40,000 per month plus...
asked 57 minutes ago -
A 1400Kg sports car accelerates from rest to 90km/h in 7.0s.
What is the average power...
asked 1 hour ago -
For the following reaction, 0.128 moles of
potassium hydrogen sulfateare mixed with
0.504 moles of potassium...
asked 5 hours ago -
1. What is the present value of $400, three years in the future
if the interest...
asked 5 hours ago -
The labor force minus the number of employed equals the number
of unemployed.
a. True
b....
asked 7 hours ago -
Determine the mass in units of grams​ [g] of 0.49 moles​ [mol]
of a new fictitious...
asked 8 hours ago -
A horizontal mass of M=5kg is on a spring and stretched to
x=0.5m when released from...
asked 9 hours ago -
26 of 50
"I have worked at the Arizona Humane Society for ten years, and
have...
asked 9 hours ago -
Compare and contrast zero based budgeting and incremental (or
base year) budgeting.
asked 9 hours ago -
4 pts 10. Which of the following hypothesis would be MOST
difficult to test experimentally? Group...
asked 9 hours ago