ACC211 Exam #3
The interest accrued on $6,000 at 7% for 90 days is: (Use $105.
360 days a year.)
A company receives a 5%, 90-day note for $5,400. The $67.50.
total interest due on the maturity date is: (Use 360 days a
year.)
$840.00
A company borrowed $14,000 by signing a 180-day
promissory note at 12%. The total interest due on the
maturity date is. (Use 360 days a year.)
A company factored $50,000 of its accounts receivable Debit to Cash of $49,500, a debit to Factoring Fee Expense of $500, and a credit to
and was charged a 1% factoring fee. The journal entry to Accounts Receivable of $50,000.
record this transaction would include a:
A company has net sales of $1,580,800 and average 3.80
accounts receivable, net of $416,000. What is its accounts
receivable turnover for the period?
A company had net sales of $540,000, total sales of 6.51
$690,000, and average accounts receivable, net of
$83,000. Its accounts receivable turnover equals:
A company had total sales of $800,000, net sales of 7.2
$784,800, and an average accounts receivable, net of
$109,000. Its accounts receivable turnover equals:
, Gideon Company uses the allowance method of Account Title. Debit Credit
accounting for uncollectible accounts. On May 3, Allowance for Doubtful Accounts. 3,500
the Gideon Company wrote off the $3,500 Accounts Receivable—A. Hopkins 3,500
uncollectible account of its customer, A. Hopkins. The
entry or entries Gideon makes to record the write off
of the account on May 3 is:
On December 31 of the current year, the unadjusted trial $2,849.
balance of a company using the percent of
receivables method to estimate bad debt included
the following: Accounts Receivable, debit balance of
$98,500; Allowance for Doubtful Accounts, credit
balance of
$1,091. What amount should be debited to Bad Debts
Expense, assuming 4% of outstanding accounts
receivable at the end of the current year are estimated
to be uncollectible?
At the end of the current year, using the aging of Account Title Debit Credit
accounts receivable method, management estimated Bad Debts Expense 28,525
that Allowance for Doubtful Accounts 28,525
$27,750 of the accounts receivable balance would be
uncollectible. Prior to any year-end adjustments, the
Allowance for Doubtful Accounts had a debit balance
of
$775. What adjusting entry should the company make at
the end of the current year to record its estimated
bad debts expense?
At the end of the current year, using the aging of Account Title. Debit Credit
accounts receivable method, management estimated Bad Debts Expense 33,195
that Allowance for Doubtful Accounts 33,195
$33,750 of the accounts receivable balance would
be uncollectible. Prior to any year-end adjustments,
the Allowance for Doubtful Accounts had a credit
balance of
$555. What adjusting entry should the company make at
the end of the current year to record its estimated
bad debts expense?
A company has $110,000 in outstanding accounts $7,600
receivable and it uses the allowance method to
account for uncollectible accounts. Experience suggests
that 6% of outstanding receivables are uncollectible. The
current balance (before adjustments) in the
allowance for doubtful accounts is an $1,000 debit. The
journal entry to record the adjustment to the allowance
account includes a debit to Bad Debts Expense for:
A company has $92,000 in outstanding accounts $2,860
receivable and it uses the allowance method to
account for uncollectible accounts. Experience suggests
that 4% of outstanding receivables are uncollectible. The
current balance (before adjustments) in the
allowance for doubtful accounts is an $820 credit.
The journal entry to record the adjustment to the
allowance account includes a debit to Bad Debts
Expense for:
The interest accrued on $6,000 at 7% for 90 days is: (Use $105.
360 days a year.)
A company receives a 5%, 90-day note for $5,400. The $67.50.
total interest due on the maturity date is: (Use 360 days a
year.)
$840.00
A company borrowed $14,000 by signing a 180-day
promissory note at 12%. The total interest due on the
maturity date is. (Use 360 days a year.)
A company factored $50,000 of its accounts receivable Debit to Cash of $49,500, a debit to Factoring Fee Expense of $500, and a credit to
and was charged a 1% factoring fee. The journal entry to Accounts Receivable of $50,000.
record this transaction would include a:
A company has net sales of $1,580,800 and average 3.80
accounts receivable, net of $416,000. What is its accounts
receivable turnover for the period?
A company had net sales of $540,000, total sales of 6.51
$690,000, and average accounts receivable, net of
$83,000. Its accounts receivable turnover equals:
A company had total sales of $800,000, net sales of 7.2
$784,800, and an average accounts receivable, net of
$109,000. Its accounts receivable turnover equals:
, Gideon Company uses the allowance method of Account Title. Debit Credit
accounting for uncollectible accounts. On May 3, Allowance for Doubtful Accounts. 3,500
the Gideon Company wrote off the $3,500 Accounts Receivable—A. Hopkins 3,500
uncollectible account of its customer, A. Hopkins. The
entry or entries Gideon makes to record the write off
of the account on May 3 is:
On December 31 of the current year, the unadjusted trial $2,849.
balance of a company using the percent of
receivables method to estimate bad debt included
the following: Accounts Receivable, debit balance of
$98,500; Allowance for Doubtful Accounts, credit
balance of
$1,091. What amount should be debited to Bad Debts
Expense, assuming 4% of outstanding accounts
receivable at the end of the current year are estimated
to be uncollectible?
At the end of the current year, using the aging of Account Title Debit Credit
accounts receivable method, management estimated Bad Debts Expense 28,525
that Allowance for Doubtful Accounts 28,525
$27,750 of the accounts receivable balance would be
uncollectible. Prior to any year-end adjustments, the
Allowance for Doubtful Accounts had a debit balance
of
$775. What adjusting entry should the company make at
the end of the current year to record its estimated
bad debts expense?
At the end of the current year, using the aging of Account Title. Debit Credit
accounts receivable method, management estimated Bad Debts Expense 33,195
that Allowance for Doubtful Accounts 33,195
$33,750 of the accounts receivable balance would
be uncollectible. Prior to any year-end adjustments,
the Allowance for Doubtful Accounts had a credit
balance of
$555. What adjusting entry should the company make at
the end of the current year to record its estimated
bad debts expense?
A company has $110,000 in outstanding accounts $7,600
receivable and it uses the allowance method to
account for uncollectible accounts. Experience suggests
that 6% of outstanding receivables are uncollectible. The
current balance (before adjustments) in the
allowance for doubtful accounts is an $1,000 debit. The
journal entry to record the adjustment to the allowance
account includes a debit to Bad Debts Expense for:
A company has $92,000 in outstanding accounts $2,860
receivable and it uses the allowance method to
account for uncollectible accounts. Experience suggests
that 4% of outstanding receivables are uncollectible. The
current balance (before adjustments) in the
allowance for doubtful accounts is an $820 credit.
The journal entry to record the adjustment to the
allowance account includes a debit to Bad Debts
Expense for:
