Question

22.Homeplatesells softball equipment. On November 14 they shined with of thall uniforms to Bona School, terms 2/10, 1/30. On November 21 Vista High School for $1.500 worth custom printed bats to be produced in December to be produced in December. On November 30, Ranita Middle School returned $200 of defective November 30 Ranita Middle Sc merchandise. Homeplate has received no payments from her schools of month end. What amount will be recognized as net accounts receivable on the balance sheet as of November 307 . $3.800 b. $4.000 c. $5.300 d. $5,500 23. True False: Under the FIFO method, the costs of the earliest units purchased are the first charged to cost of goods sold 24. When an account becomes uncollectible and must be written off. Allowance for Doubtful Accounts should be credited. b. Accounts Receivable should be credited. c. Bad Debt Expense should be credited. d. Sales Revenue should be debited. 25. Two methods of accounting for uncollectible accounts are the a h allowance method and the accrual method. allowance method and the net realizable method. direct write-off method and the accrual method. direct write-off method and the allowance method. c d 26.Bad Debt Expense is reported on the income statement as a part of cost of goods sold. b. reducing gross profit. c an operating expense. d a contra-revenue account. 27.Under GAAP, companies can choose which inventory system? LIFO FIFO a. Yes No b. Yes Yes c. No d. No No Yes 28. The journal entry to record a return of merchandise purchased on account under a perpetual inventory system would credit a Accounts Payable. b. Purchase Returns and Allowances. c. Sales Revenue. d. Inventory

Answer 1

Answer 23
TRUE
Answer 24
Allowance fro D.debts	Debit
AR		Credit
Option B is correct
Answer 25
Option D is correct
Answer 26
Option C is correct
Answer 27
Option B is correct
Answer 28
Accounts payable	Debit
Inventory		Credit
Option D is correct
Note:-
An expert answerer is required to answer 4 MCQs