Question 1

A note receivable due in 18 months is listed on the balance sheet under the caption

Accepted Answer

A)   long-term liabilities
B)   fixed assets
C)   current assets
D)   investmentsE) A) and B)
F) C) and D)

Question 2

Allowance for Doubtful Accounts has a credit balance of $800 at the end of the year (before adjustment) , and an analysis of accounts in the customer ledger indicates the estimated amount of uncollectible accounts should be $16,000. Based on the estimate above, which of the following adjusting entries should be made?

Accepted Answer

A)   debit Bad Debt Expense, $800; credit Allowance for Doubtful Accounts, $800
B)   debit Bad Debt Expense, $15,200; credit Allowance for Doubtful Accounts, $15,200
C)   debit Allowance for Doubtful Accounts, $800; credit Bad Debt Expense, $800
D)   debit Bad Debt Expense, $16,800; credit Allowance for Doubtful Accounts, $16,800E) None of the above
F) C) and D)

Question 3

Notes Receivable and Accounts Receivable can also be called trade receivables.

Accepted Answer

A) True 
 B)False

Question 4

Journalize the following transactions (Assume a 360-day year when calculating interest.):

Accepted Answer

The answer of Journalize the following transactions (Assume a 360-day...

Question 5

The journal entry to record a note received from a customer to replace an account is

Accepted Answer

A)   debit Notes Receivable; credit Accounts Receivable
B)   debit Accounts Receivable; credit Notes Receivable
C)   debit Cash; credit Notes Receivable
D)   debit Notes Receivable; credit Notes PayableE) B) and D)
F) A) and B)

Question 6

When a note is received from a customer on account, it is recorded by debiting Notes Receivable and crediting Accounts Receivable.

Accepted Answer

A) True 
 B)False

Question 7

Other than accounts receivable and notes receivable, name other receivables that might be included in the general ledger.

Accepted Answer

Interest Receivable,...

Question 8

Allowance for Doubtful Accounts has a credit balance of $2,100 at the end of the year (before adjustment) , and an analysis of customers' accounts indicates uncollectible receivables of $19,700. Which of the following entries records the proper adjustment for Bad Debt Expense?

Accepted Answer

A)   debit Allowance for Doubtful Accounts, $17,600; credit Bad Debt Expense, $17,600
B)   debit Allowance for Doubtful Accounts, $21,800; credit Bad Debt Expense, $21,800
C)   debit Bad Debt Expense $21,800; credit Allowance for Doubtful Accounts, $21,800
D)   debit Bad Debt Expense, $17,600; credit Allowance for Doubtful Accounts, $17,600E) C) and D)
F) B) and C)

Exam 8: Receivables

Correct Answer
verified

Notes Receivable and Accounts Receivable can also be called trade receivables.

Correct Answer
verified

Other than accounts receivable and notes receivable, name other receivables that might be included in the general ledger.

Correct Answer
verified
Interest Receivable,...
View Answer

When a note is received from a customer on account, it is recorded by debiting Notes Receivable and crediting Accounts Receivable.

Correct Answer
verified

Allowance for Doubtful Accounts has a credit balance of $2,100 at the end of the year (before adjustment) , and an analysis of customers' accounts indicates uncollectible receivables of $19,700. Which of the following entries records the proper adjustment for Bad Debt Expense?

Correct Answer
verified

Journalize the following transactions (Assume a 360-day year when calculating interest.):

Correct Answer
verified

The journal entry to record a note received from a customer to replace an account is

Correct Answer
verified

A note receivable due in 18 months is listed on the balance sheet under the caption

Correct Answer
verified

Exam 8: Receivables

Correct AnswerverifiedShow Answer

Notes Receivable and Accounts Receivable can also be called trade receivables.

Correct AnswerverifiedShow Answer

Other than accounts receivable and notes receivable, name other receivables that might be included in the general ledger.

Correct AnswerverifiedInterest Receivable,...View AnswerShow Answer

When a note is received from a customer on account, it is recorded by debiting Notes Receivable and crediting Accounts Receivable.

Correct AnswerverifiedShow Answer

Allowance for Doubtful Accounts has a credit balance of $2,100 at the end of the year (before adjustment) , and an analysis of customers' accounts indicates uncollectible receivables of $19,700. Which of the following entries records the proper adjustment for Bad Debt Expense?

Correct AnswerverifiedShow Answer

Journalize the following transactions (Assume a 360-day year when calculating interest.):

Correct AnswerverifiedShow Answer

The journal entry to record a note received from a customer to replace an account is

Correct AnswerverifiedShow Answer

A note receivable due in 18 months is listed on the balance sheet under the caption

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Interest Receivable,...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified