Practice test for Accounts Receivable

REA LEE JOY U. PIDO


PROBLEM A:
Accounts receivable-trade 450,000
Allowance for doubtful accounts 9,000
441,000



a. Accounts receivable 4,800,000
Sales 4,800,000
b. Cash 3,920,000
Sales discount 80,000
Accounts receivable 4,000,000
c. Sales returns and allowances 60,000
Accounts receivable 60,000
d. Allowance for doubtful accounts 20,000
Accounts receivable 20,000
e. Accounts receivable 5,000
Allowance for doubtful accounts 5000
Cash 5,000
Accounts receivable 5,000
f. Notes receivable 25,000
Accounts receivable 25,000
g. Cash 400,000
Notes payable-bank 400,000
Cash 150,000
Accounts receivable 150,000
Notes payable-bank 150,000
Cash 150,000
h. Doubtful accounts expense 59,000
Allowance for doubtful accounts 59,000
i. Interest receivable 250
Interest revenue 250