Homework Answers
Question 17: factoring
Factoring is a financial transaction in which the company sell its accounts receivables to some third party.
Question 18: contra asset, credit
Allowance for accounts receivables is created for uncollectible receivables(expected), that happened during the course of business.
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17&18) Question 17 2 pts Selling receivables is called factoring Osales revenue O a factor sold...
accounts receivables are also called trade receivables. This Question: 2 pts 1 of 49 (0 Accounts...
accounts receivables are also called trade receivables.
This Question: 2 pts 1 of 49 (0 Accounts receivable are also called trade receivables. O O True False Click to select your answer. O Type here to search o e é boWERTY CH
Multiple Choice Question 113 Blue Spruce Corp. uses the percentage-of-receivables method for recording bad debt expense....
Multiple Choice Question 113 Blue Spruce Corp. uses the percentage-of-receivables method for recording bad debt expense. The Accounts Receivable balance is $400000 and credit sales are $1600000. Management estimates that 6 % of accounts receivable will be uncollectible. What adjusting entry will Blue Spruce Corp. make if the Allowance for Doubtful Accounts has a credit balance of $4000 before adjustment? Bad Debt Expense 16000 Accounts Receivable 16000 Bad Debt Expense 20000 Allowance for Doubtful Accounts 20000 Bad Debt Expense 8000...
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...
Salaries Payable would be recorded for a. $18,000 b. $12,950 C. $12,650 d. $11,534 A pension...
Salaries Payable would be recorded for a. $18,000 b. $12,950 C. $12,650 d. $11,534 A pension plan which requires the employer to make annual pension contributions, with no promise to employees regarding future pension payments, is termed a. funded b. unfunded c. defined benefit d. defined contribution 26. A pension plan which promises employees a fixed annual pension benefit, based on years of service and compensation, is called a(n) a. defined contribution plan b. defined benefit plan c. unfunded plan...
Question 3 Nash's Trading Post, LLC uses the percentage of receivables basis to record bad debt...
Question 3 Nash's Trading Post, LLC uses the percentage of receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become uncollectible.Accounts receivable are $439,700 at the end of the year, and the allowance for doubtful accounts has a credit balance of $ 3,041 (a) Prepare the adjusting journal entry to record bad debt expense for the year tb) If the allowance for doubtful accounts had a debit balance of $ 918 instead of a...
12. Inte al control d protects from e guarantee the company will campo d ensure that...
12. Inte al control d protects from e guarantee the company will campo d ensure that business Information is one the bar 13. The amount of deposits in Hount of deposits in transit is included a. deduction from the balance the company's b. deduction from the balance perbank e n e addition to the balance per bank statement d. addition to the balance per company books 14. The bank reconciliation a. should be prepared by an employee who records castrech...
What is the type of account and normal balance of Allowance for Doubtful Accounts? a.contra asset,...
What is the type of account and normal balance of Allowance for Doubtful Accounts? a.contra asset, debit b.asset, credit c.asset, debit d.contra asset, credit To record estimated uncollectible receivables using the allowance method, the adjusting entry would be a a.debit to Accounts Receivable and a credit to Allowance for Doubtful Accounts b.debit to Allowance for Doubtful Accounts and a credit to Accounts Receivable c.debit to Loss on Credit Sales and a credit to Accounts Receivable d.debit to Bad Debt Expense...
True/False Indicate whether the statement is true or false, 1. Receivables from company owners and officers...
True/False Indicate whether the statement is true or false, 1. Receivables from company owners and officers should be disclosed separately on the balance sheet. 2. Of the two methods of accounting for uncollectible receivables, the allowance method provides in advance for uncollectible receivables. 3. The acquisition costs of property, plant, and equipment should include all normal, reasonable and necessary costs to get the asset in place and ready for use. 4. During construction of a building, the cost of interest...
18 20,21,22,23 Question 18 2 pts The marginal revenue received by a firm in a perfectly...
18 20,21,22,23
Question 18 2 pts The marginal revenue received by a firm in a perfectly competitive market: O is greater than the market price. O is equal to its average revenue. increases with the quantity of output sold. is less than the market price. Question 20 2 pts An individual firm in a perfectly competitive industry faces a demand curve with O unit elasticity O elasticity greater than zero but less than one. zero elasticity infinite elasticity Question 21...
Problem 3 – Account Characteristics – 10 points Account Title Account Type What does Debit do...
Problem 3 – Account Characteristics – 10 points
Account Title
Account Type
What does Debit
do to account?
+ or -
Normal Balance
of Account
(Debit or Credit)
Which Financial Statement?
(Balance Sheet, Income Statement, Statement of Retained
Earnings)
Example
Petty Cash
Asset
+
Debit
Balance Sheet
1
Depreciation Expense
2
Merchandise Inventory
3
Cost of Goods Sold
4
Unearned Subscription Revenue
5
Service Revenue
6
Retained Earnings
7
Allowance for Doubtful Accounts
8
Interest Receivable
9
Patent
10
Notes...
accounts receivables are also called trade receivables.
This Question: 2 pts 1 of 49 (0 Accounts receivable are also called trade receivables. O O True False Click to select your answer. O Type here to search o e é boWERTY CH
Multiple Choice Question 113 Blue Spruce Corp. uses the percentage-of-receivables method for recording bad debt expense. The Accounts Receivable balance is $400000 and credit sales are $1600000. Management estimates that 6 % of accounts receivable will be uncollectible. What adjusting entry will Blue Spruce Corp. make if the Allowance for Doubtful Accounts has a credit balance of $4000 before adjustment? Bad Debt Expense 16000 Accounts Receivable 16000 Bad Debt Expense 20000 Allowance for Doubtful Accounts 20000 Bad Debt Expense 8000...
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...
Salaries Payable would be recorded for a. $18,000 b. $12,950 C. $12,650 d. $11,534 A pension plan which requires the employer to make annual pension contributions, with no promise to employees regarding future pension payments, is termed a. funded b. unfunded c. defined benefit d. defined contribution 26. A pension plan which promises employees a fixed annual pension benefit, based on years of service and compensation, is called a(n) a. defined contribution plan b. defined benefit plan c. unfunded plan...
Question 3 Nash's Trading Post, LLC uses the percentage of receivables basis to record bad debt expense and concludes that 3% of accounts receivable will become uncollectible.Accounts receivable are $439,700 at the end of the year, and the allowance for doubtful accounts has a credit balance of $ 3,041 (a) Prepare the adjusting journal entry to record bad debt expense for the year tb) If the allowance for doubtful accounts had a debit balance of $ 918 instead of a...
12. Inte al control d protects from e guarantee the company will campo d ensure that business Information is one the bar 13. The amount of deposits in Hount of deposits in transit is included a. deduction from the balance the company's b. deduction from the balance perbank e n e addition to the balance per bank statement d. addition to the balance per company books 14. The bank reconciliation a. should be prepared by an employee who records castrech...
True/False Indicate whether the statement is true or false, 1. Receivables from company owners and officers should be disclosed separately on the balance sheet. 2. Of the two methods of accounting for uncollectible receivables, the allowance method provides in advance for uncollectible receivables. 3. The acquisition costs of property, plant, and equipment should include all normal, reasonable and necessary costs to get the asset in place and ready for use. 4. During construction of a building, the cost of interest...
18 20,21,22,23
Question 18 2 pts The marginal revenue received by a firm in a perfectly competitive market: O is greater than the market price. O is equal to its average revenue. increases with the quantity of output sold. is less than the market price. Question 20 2 pts An individual firm in a perfectly competitive industry faces a demand curve with O unit elasticity O elasticity greater than zero but less than one. zero elasticity infinite elasticity Question 21...
Problem 3 – Account Characteristics – 10 points
Account Title
Account Type
What does Debit
do to account?
+ or -
Normal Balance
of Account
(Debit or Credit)
Which Financial Statement?
(Balance Sheet, Income Statement, Statement of Retained
Earnings)
Example
Petty Cash
Asset
+
Debit
Balance Sheet
1
Depreciation Expense
2
Merchandise Inventory
3
Cost of Goods Sold
4
Unearned Subscription Revenue
5
Service Revenue
6
Retained Earnings
7
Allowance for Doubtful Accounts
8
Interest Receivable
9
Patent
10
Notes...
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