Exam 7: Reporting and Analyzing Receivables
Exam 1: Introducing Financial Accounting270 Questions
Exam 2: Accounting System and Financial Statements236 Questions
Exam 3: Adjusting Accounts for Financial Statements271 Questions
Exam 4: Reporting and Analyzing Merchandising Operations263 Questions
Exam 5: Reporting and Analyzing Inventories218 Questions
Exam 6: Reporting and Analyzing Cash and Internal Controls215 Questions
Exam 7: Reporting and Analyzing Receivables207 Questions
Exam 8: Reporting and Analyzing Long-Term Assets255 Questions
Exam 9: Reporting and Analyzing Current Liabilities224 Questions
Exam 10: Reporting and Analyzing Long-Term Liabilities231 Questions
Exam 11: Reporting and Analyzing Equity248 Questions
Exam 12: Reporting and Analyzing Cash Flows226 Questions
Exam 13: Analyzing and Interpreting Financial Statements223 Questions
Exam 14: Applying Present and Future Values76 Questions
Exam 15: Investments and International Operations215 Questions
Exam 16: Reporting and Analyzing Partnerships168 Questions
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Clayborn Company expects that $12,600 of its $420,000 Accounts Receivable balance is uncollectible. The Allowance for Doubtful Accounts before adjustment has a credit balance of $1,400. The amount of the adjusting entry needed by Clayborn is:
(Multiple Choice)
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Which of the following is not true regarding a credit card expense?
(Multiple Choice)
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When using the allowance method of accounting for uncollectible accounts, the entry to record the estimated bad debts expense is a debit to Bad Debts Expense and a credit to Allowance for Doubtful Accounts.
(True/False)
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Federal laws prohibit the selling of accounts receivables to factors.
(True/False)
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A credit sale of $5,275 to a customer would result in which of the following?
(Multiple Choice)
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What is the accounts receivable turnover ratio? How is it calculated and how is it used to assess financial condition?
(Essay)
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Prepare general journal entries for the following transactions for the current year: 

(Essay)
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A finance company or bank that purchases and takes ownership of another company's accounts receivable is called a:
(Multiple Choice)
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Gemstone Products allows customers to use bank credit cards to charge purchases. The bank used by Gemstone Products processes all bank credit cards in exchange for a 3% processing fee and all credit card receipts deposited are credited to the company account on the day of deposit. Assume that on January 18, Gemstone Products sold and deposited $18,000 worth of bank credit card receipts. Prepare the general journal entry to record this transaction.
(Essay)
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On February 1, a customer's account balance of $2,300 was deemed to be uncollectible. What entry should be recorded on February 1 to record the write-off assuming the company uses the allowance method?
(Multiple Choice)
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Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $104,500, allowance for doubtful accounts of $665 (credit) and sales of $925,000. If uncollectible accounts are estimated to be 4% of accounts receivable, what is the amount of the bad debts expense adjusting entry?
(Multiple Choice)
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To write off an uncollectible account receivable when the allowance method of accounting for uncollectible accounts is used, a company should debit _______________________ and credit accounts receivable.
(Short Answer)
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Valley Spa purchased $7,800 in plumbing components from Tubman Co. Valley Spa signed a 60-day, 10% promissory note for $7,800. If the note is dishonored at maturity, what is the journal entry to record the dishonored note?
(Multiple Choice)
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If a 60-day note receivable is dated September 22, what is the maturity date of the note?
(Essay)
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Calculate the amount of interest that would be owed on a $18,000, 60-day, 8% note receivable at maturity.
(Short Answer)
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A promissory note is a written promise to pay a specified amount of money either on demand or at a definite future date.
(True/False)
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The allowance method of accounting for bad debts requires an estimate of bad debt expense at the end of each accounting period. The two common methods to determine the estimate amount are the percent of sales method and the percent of receivables method. Explain the basic differences between the two methods.
(Essay)
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Thatcher Company had a January 1, credit balance in its Allowance for Doubtful Accounts of $4,000 for the current year. The following transactions and events affected the Allowance for Doubtful Accounts during the current year:
What amount should appear in the allowance for doubtful accounts in the December 31, balance sheet for the current year?

(Essay)
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Failure by a promissory notes' maker to pay the amount due at maturity is known as:
(Multiple Choice)
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The formula for computing interest on a note is: Principal of the note × Annual interest rate × Time expressed in fraction of year.
(True/False)
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