A company had the following partial list of account balances at year-end: $\begin{array}{lr} \text { Sales Returns and Allowances } & \$ 1,000 \\ \text { Accounts Receivable } & 38,000 \\ \text { Sales Discounts } & 2,100 \\ \text { Sales Revenue } & 95,000 \\ \text { Allowance for Doubtful Accounts } & 1,200 \end{array}$ How much is net sales revenue?

A) $91,900. B) $90,700. C) $89,900. D) $88,600. A) $91,900. B) $90,700. C) $89,900. D) $88,600.

Exam 6: Reporting and Interpreting Sales Revenue, Receivables, and Cash

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A company had the following partial list of account balances at year-end: Sales Returns and Allowances \ 1,000 Accounts Receivable 38,000 Sales Discounts 2,100 Sales Revenue 95,000 Allowance for Doubtful Accounts 1,200 How much is net sales revenue?

(Multiple Choice)

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Question 121

Effective internal control of cash should include the separation of the duties for receiving and disbursing cash.

(True/False)

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Question 122

Which of the following statements correctly describes the effect of recording the collection of a $10,000 account receivable for which a 2% sales discount was recorded at the time of collection?

(Multiple Choice)

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Question 123

The year-end journal entry to record bad debt expense reduces current assets and net income.

(True/False)

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Question 124

The allowance for doubtful accounts is reported as a contra-asset on the balance sheet.

(True/False)

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Question 125

Upon completing an aging analysis of accounts receivable, the accountant for Rosco Works prepared and aging of accounts receivable and estimated that $5,000 of the $98,000 accounts receivable balance would be uncollectible. The allowance for doubtful accounts had a $400 debit balance at year-end prior to adjustment. How much is bad debt expense?

(Multiple Choice)

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Question 126

The year-end journal entry to record bad debt expense reduces the accounts receivable account and increases net income.

(True/False)

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Question 127

Which of the following correctly describes the effect of a journal entry involving the recording of a sales return?

(Multiple Choice)

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Question 128

Showing 121 - 128 of 128

A company had the following partial list of account balances at year-end: Sales Returns and Allowances \ 1,000 Accounts Receivable 38,000 Sales Discounts 2,100 Sales Revenue 95,000 Allowance for Doubtful Accounts 1,200 How much is net sales revenue?

Effective internal control of cash should include the separation of the duties for receiving and disbursing cash.

Which of the following statements correctly describes the effect of recording the collection of a $10,000 account receivable for which a 2% sales discount was recorded at the time of collection?

The year-end journal entry to record bad debt expense reduces current assets and net income.

The allowance for doubtful accounts is reported as a contra-asset on the balance sheet.

The year-end journal entry to record bad debt expense reduces the accounts receivable account and increases net income.

Which of the following correctly describes the effect of a journal entry involving the recording of a sales return?

Financial Statements and Business Decisions

Investing and Financing Decisions and the Accounting System

Operating Decisions and the Accounting System

Adjustments, Financial Statements, and the Quality of Earnings

Communicating and Interpreting Accounting Information

Reporting and Interpreting Cost of Goods Sold and Inventory

Reporting and Interpreting Property, Plant, and Equipment; Intangibles; and Natural Resources

Reporting and Interpreting Liabilities

Reporting and Interpreting Bonds

Reporting and Interpreting Owners Equity

Statement of Cash Flows

Analyzing Financial Statements

Reporting and Interpreting Investments in Other Corporations

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