Question 1

Discounting a note receivable is most similar to ________.

Accepted Answer

A) factoring an account receivable 
B) pledging an account receivable 
C) securitizing an account receivable 
D) assigning an account receivable 
A) factoring an account receivable 
B) pledging an account receivable 
C) securitizing an account receivable 
D) assigning an account receivable

Question 2

Prior to adjustments,Willett Company's account balances at December 31,2017,for Accounts Receivable and the related Allowance for Uncollectible Accounts were $2,400,000 and $120,000,respectively.An aging of accounts receivable indicated that $212,000 of the December 31,2017,receivables may be uncollectible.The net realizable value of accounts receivable at December 31,2017,was ________.

Accepted Answer

A) $2,308,000 
B) $2,280,000 
C) $2,188,000 
D) $2,068,000 
A) $2,308,000 
B) $2,280,000 
C) $2,188,000 
D) $2,068,000

Question 3

On August 1,2016,TTek installed a $560,000 computer system for Skybox.com.TTek agreed to accept a $600,000 nine-month,noninterest bearing note due on April 30,2017.TTek prepares financial statements at the end of every calendar year.
a.Prepare TTek 's journal entry to record the receipt of the note on August 1,2016.
b.Prepare the related adjusting entry on August 1,2016.
c.Prepare TTek 's journal entry to record the receipt of the payment on April 30,2017.

Accepted Answer

The answer of On August 1,2016,TTek installed a $560,000 computer...

Question 4

Sales discounts are reductions granted to customers to encourage quick invoice payment.

Accepted Answer

A) True 
 B)False

Question 5

The account Allowance for Uncollectible Accounts is classified as a contra-revenue account.

Accepted Answer

A) True 
 B)False

Discounting a note receivable is most similar to ________.

Sales discounts are reductions granted to customers to encourage quick invoice payment.

The account Allowance for Uncollectible Accounts is classified as a contra-revenue account.

The Financial Reporting Environment

Financial Reporting Theory

Judgment and Applied Financial Accounting Research

Review of the Accounting Cycle

Statements of Net Income and Comprehensive Net Income

Statements of Financial Position and Cash Flows and the Annual Report

Accounting and the Time Value of Money

Revenue Recognition

OL: Revenue Recognition

Short-Term Operating Assets: Inventory

Long-Term Operating Assets: Acquisition, cost Allocation, and Derecognition

Long-Term Operating Assets: Departures From Historical Cost

Operating Liabilities and Contingencies

OL: Operating Liabilities and Contingencies

Financing Liabilities

Accounting for Stockholders Equity

Investing Assets

Accounting for Income Taxes

Accounting for Employee Compensation and Benefits

Earnings Per Share

Accounting Corrections and Error Analysis

Filters

Exam 10: Short-Term Operating Assets: Cash and Receivables

Discounting a note receivable is most similar to ________.

Sales discounts are reductions granted to customers to encourage quick invoice payment.

The account Allowance for Uncollectible Accounts is classified as a contra-revenue account.

The Financial Reporting Environment

Financial Reporting Theory

Judgment and Applied Financial Accounting Research

Review of the Accounting Cycle

Statements of Net Income and Comprehensive Net Income

Statements of Financial Position and Cash Flows and the Annual Report

Accounting and the Time Value of Money

Revenue Recognition

OL: Revenue Recognition

Short-Term Operating Assets: Inventory

Long-Term Operating Assets: Acquisition, cost Allocation, and Derecognition

Long-Term Operating Assets: Departures From Historical Cost

Operating Liabilities and Contingencies

OL: Operating Liabilities and Contingencies

Financing Liabilities

Accounting for Stockholders Equity

Investing Assets

Accounting for Income Taxes

Accounting for Employee Compensation and Benefits

Earnings Per Share

Accounting Corrections and Error Analysis

Filters