FINAL EXAM DUE THURSDAY NIGHT EARLY NO EXCUSESseven7
1.The Sales Returns and Allowances
If a firm had sales of $50,000 during a period and sales returns and allowances of $4,000, its net sales were
The entry to record a return by a credit customer of defective merchandise on which no sales tax was charged includes:
On December 31, prior to adjustment, Allowance for Doubtful Accounts has a credit balance of $200. An age analysis of the accounts receivable produces an estimate of $1,000 of probable losses from uncollectible accounts. The adjusting entry needed to record the estimated losses from uncollectible accounts is made for
When the allowance method of recognizing losses from uncollectible accounts is used, the entry to record the write-off ofa specific account consists of
A firm reported sales of $300,000 during the year and has a balance of $20,000 in its Accounts Receivable account at year-end. Prior to adjustment, Allowance for Doubtful Accounts has a credit balance of $300. The firm estimated its losses from uncollectible accounts to be one-half of 1 percent of sales. The entry to record the estimated losses from uncollectible accounts will include a credit to Allowance for Doubtful Accounts for
When a firm uses the allowance method to provide for losses, the collecting of an account previously written off as uncollectible requires an entry
On December 31, prior to adjustments, the balance of Accounts Receivable is $16,000 and Allowance for Doubtful Accounts has a credit balance of $95. The firm estimates its losses from uncollectible accounts to be 5% of accounts receivable at the end of the year. The adjusting entry needed to record the estimated losses from uncollectible accounts is made for
When a company issues a promissory note, the accountant records an entry that includes a credit to Note Receivable for
How much interest will accrue on a $20,000 face value, 60-day note that bears interest at 9 percent a year (based on a 360 day year)?
Notes payable which are to be satisfied with current assets and are due within one year are usually shown
Upon collection of the amount due on a $6,000 face value, 90-day note with interest at 10 percent a year, the Note Receivable account is
The account used to record increases in stockholders’ equity from the sale of goods or services is
The journal entry to record the purchase of equipment for a $100 cash down payment and abalance of $400 due in 30 days would include
On May 1, 20--, a firm purchased a 1-year insurance policy for $1,800 and paid the full premium in advance. The insurance expense associated with this policy for 20—is
To arrive at an accurate balance on a bank reconciliation statement, outstanding checks should be
A firm appropriately wrote a check for $78 but entered the amount as payment of $87. On a bank reconciliation statement this error would be shown as
The entry to record a purchase of merchandise on credit using a perpetual inventory system Includes
A firm that sells a single product had a beginning inventory of 4,000 units with a total cost of $28,000. Early in the year, 10,000 units were purchased at $9 each. Using FIFO, what is the value of the ending inventory of 3,000 units?
A firm that sells a single product had a beginning inventory of 4,000 units with a total cost of $16,000 Early in the year, 8,000 units were purchased at $6 each. Using LIFO, what is the value of the ending inventory of 2,000 units?
An accountant who records revenue when a credit sale is made rather than waiting for the receipt of cash from the customer is
Keeping the personal assets of the owner of a business separate from the assets of the firm is an example of
Answer the following questions based upon the information provided in the adjusted trial balance data from the Cameron White Company spreadsheet for the year ended December 31. The balance of the Notes Payable account consists of notes that are due within a year. The mortgage extends for more than a year. The beginning Retained Earnings account for the period was $49,000. The ending retained earnings for the period from the statement of retained earnings is $56,150. There were no dividends paid.
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