Homework Answers
Statement 2 is true. AR subsidiary ledger must equal to total of amount
Statement 3 is true.
Statement 4 is true. AR Turnover shows how often customers pay.
Statement 5 is false because plant assets are physical.
Statement 6 is true. they are like machine, equipment, etc
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2) The balance in Accounts Receivable, the control account, must always equal the total of all...
en an account receivable that has been written off is subsequently collected, that account receivable must...
en an account receivable that has been written off is subsequently collected, that account receivable must be reinstated and the cash collection recorded. A. True. B. False. is the type of account and normal balance of Allowance for Doubtful Accounts? A. Liability, credit. B. Revenue, credit. C. Contra asset, debit. D. Contra asset, credit. 16. The difference between accounts receivable and allowance for doubtful account is called net realizable value. A. True. B. False, 17. The account receivable turnover measures...
On September 1, the balance of the Accounts Receivable control account in the general ledger of...
On September 1, the balance of the Accounts Receivable control
account in the general ledger of Carla Vista Company was $11,030.
The customers’ subsidiary ledger contained account balances as
follows: Hurley $1,500, Andino $2,720, Fowler $1,960, and Sogard
$4,850. At the end of September, the various journals contained the
following information.
Sales journal:
Sales to Sogard $730, to Hurley $1,180, to Giambi $1,220, and
to Fowler $1,220.
Cash receipts journal:
Cash received from Fowler $1,270, from Sogard $2,370, from
Giambi...
question 4 Able Fastners Co. has a balance in its Accounts Receivable general ledger control account of S 10,000 on January 1, 2019. The subsidiary ledger contains three vendor nts: Jones Company, bal...
question 4
Able Fastners Co. has a balance in its Accounts Receivable general ledger control account of S 10,000 on January 1, 2019. The subsidiary ledger contains three vendor nts: Jones Company, balance of s 3,000; Keller Company, balance of $ 1,000, arson Company. The combined subsidiary ledger account balances of Jones 4 Com om,Keller Company, and Larson Company at January 1, 2019 agree to the Accounts unts receivable general ledger control account balance at such date. During January 2019,...
421m 9) A promissory note received from a customer in exchange for an account receivable is...
421m 9) A promissory note received from a customer in exchange for an account receivable is recorded by the payee as: A) An account receivable B) A cash equivalent. C) A note payable. D) A note receivable E) A short-term investment. 8AIATRT 10) The maturity date of a note receivable: A) Is the day the note was signed. B) Is the day of the credit sale. C) Is the day the note is due to be repaid. D) Is the...
During the current year, TechCom concluded that a customer's $4,400 account receivable was uncollectible and that...
During the current year, TechCom concluded that a customer's $4,400 account receivable was uncollectible and that the account should be written off. What effect will this write-off have on TechCom's current year net income and balance sheet assuming the allowance method is 2 points used to account for bad debts? O No effect on net income or on total assets O Decrease in net income; no effect on total assets O Decrease in net income; decrease in total assets O...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2-30 are as follows: Apr. 2. Issued Invoice No. 793 to Ohr Co., $4,680. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $1,990. Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,450. Post revenue and collections...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2–30 are as follows: Apr. 2. Issued Invoice No. 793 to Ohr Co., $6,260. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $2,260. Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,360. Post revenue and collections...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and...
Revenue and cash receipts journals; accounts receivable
subsidiary and general ledgers Transactions related to revenue and
cash receipts completed by Crowne Business Services Co. during the
period April 2–30 are as follows: Apr. 2. Issued Invoice No. 793 to
Ohr Co., $6,960. Apr. 5. Received cash from Mendez Co. for the
balance owed on its account. Apr. 6. Issued Invoice No. 794 to
Pinecrest Co., $2,510. Apr. 13. Issued Invoice No. 795 to Shilo
Co., $3,740. Post revenue and collections...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2–30 are as follows: Apr. 2. Issued Invoice No. 793 to Ohr Co., $6,730. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $2,420. Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,610. Post revenue and collections...
ANSWER TRUE OR FALSE: 15-The entry to increase the balance in petty cash from $50 to...
ANSWER TRUE OR FALSE: 15-The entry to increase the balance in petty cash from $50 to $75 would include a credit to Petty Cash of $25. 16-.outstanding checks are checks that the company has written and distributed, yet the bank paid and o deducted from the customer's bank account during the month. 17-A bank reconciliation explains any differences between the balance of a checking account on the depositor's records and the balance reported on the bank statement. 18-A company borrowed...
en an account receivable that has been written off is subsequently collected, that account receivable must be reinstated and the cash collection recorded. A. True. B. False. is the type of account and normal balance of Allowance for Doubtful Accounts? A. Liability, credit. B. Revenue, credit. C. Contra asset, debit. D. Contra asset, credit. 16. The difference between accounts receivable and allowance for doubtful account is called net realizable value. A. True. B. False, 17. The account receivable turnover measures...
On September 1, the balance of the Accounts Receivable control
account in the general ledger of Carla Vista Company was $11,030.
The customers’ subsidiary ledger contained account balances as
follows: Hurley $1,500, Andino $2,720, Fowler $1,960, and Sogard
$4,850. At the end of September, the various journals contained the
following information.
Sales journal:
Sales to Sogard $730, to Hurley $1,180, to Giambi $1,220, and
to Fowler $1,220.
Cash receipts journal:
Cash received from Fowler $1,270, from Sogard $2,370, from
Giambi...
question 4
Able Fastners Co. has a balance in its Accounts Receivable general ledger control account of S 10,000 on January 1, 2019. The subsidiary ledger contains three vendor nts: Jones Company, balance of s 3,000; Keller Company, balance of $ 1,000, arson Company. The combined subsidiary ledger account balances of Jones 4 Com om,Keller Company, and Larson Company at January 1, 2019 agree to the Accounts unts receivable general ledger control account balance at such date. During January 2019,...
421m 9) A promissory note received from a customer in exchange for an account receivable is recorded by the payee as: A) An account receivable B) A cash equivalent. C) A note payable. D) A note receivable E) A short-term investment. 8AIATRT 10) The maturity date of a note receivable: A) Is the day the note was signed. B) Is the day of the credit sale. C) Is the day the note is due to be repaid. D) Is the...
During the current year, TechCom concluded that a customer's $4,400 account receivable was uncollectible and that the account should be written off. What effect will this write-off have on TechCom's current year net income and balance sheet assuming the allowance method is 2 points used to account for bad debts? O No effect on net income or on total assets O Decrease in net income; no effect on total assets O Decrease in net income; decrease in total assets O...
Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions related to revenue and cash receipts completed by Crowne Business Services Co. during the period April 2-30 are as follows: Apr. 2. Issued Invoice No. 793 to Ohr Co., $4,680. Apr. 5. Received cash from Mendez Co. for the balance owed on its account. Apr. 6. Issued Invoice No. 794 to Pinecrest Co., $1,990. Apr. 13. Issued Invoice No. 795 to Shilo Co., $3,450. Post revenue and collections...
Revenue and cash receipts journals; accounts receivable
subsidiary and general ledgers Transactions related to revenue and
cash receipts completed by Crowne Business Services Co. during the
period April 2–30 are as follows: Apr. 2. Issued Invoice No. 793 to
Ohr Co., $6,960. Apr. 5. Received cash from Mendez Co. for the
balance owed on its account. Apr. 6. Issued Invoice No. 794 to
Pinecrest Co., $2,510. Apr. 13. Issued Invoice No. 795 to Shilo
Co., $3,740. Post revenue and collections...
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