ACC 291T Wk 4 - Practice: Connect Knowledge Check (2021.7 New) | eBooks | Education

ACC 291T Wk 4 - Practice: Connect Knowledge Check (2021.7 New)

ACC 291T Wk 4 - Practice: Connect Knowledge Check (2021.7 New) PLDZ-16042 Free
In Stock
$ 0.00 USD
Free Download! Description

Click Here To Download Your Files :

http://www.onlinehelp123.com/ACC-291

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

You can buy more tutorials from the below link

http://www.onlinehelp123.com/ACC-291

ACC 291T Wk 4 - Practice: Connect Knowledge Check (2021.7 New)

Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,000 uncollectible account of its customer, A. Hopkins. On July 10, Gideon received a check for the full amount of $2,000 from Hopkins. On July 10, the entry or entries Gideon makes to record the recovery of the bad debt is:

Multiple Choice

  •     

Accounts Receivable—A. Hopkins       2,000     

Bad debts expense       2,000

Cash       2,000     

Accounts Receivable—A. Hopkins            2,000

  •     

Cash       2,000     

Bad debts expense       2,000

  •     

Accounts Receivable—A. Hopkins       2,000     

Allowance for Doubtful Accounts      2,000

Cash       2,000     

Accounts Receivable—A. Hopkins            2,000

  •     

Allowance for Doubtful Accounts2,000     

Accounts Receivable—A. Hopkinse           2,000

Accounts Receivable—A. Hopkins       2,000     

Cash            2,000

  •     

Cash       2,000     

Accounts Receivable—A. Hopkins            2,000

 

 

Separate accounts receivable information for each customer is important because it reveals all of the following except:

Multiple Choice

  •     

When the customer intends to pay outstanding balances.

  •     

The basis for sending bills to customers.

  •     

How much each customer still owes.

  •     

How much each customer has paid.

  •     

How much each customer has purchased on credit.

 

 

A 90-day note issued on April 10 matures on:

Multiple Choice

  •     

July 12.

  •     

July 9.

  •     

July 10.

  •     

July 11.

  •     

July 13.

 

 

A company receives a 10%, 120-day note for $1,500. The total interest due on the maturity date is: (Use 360 days a year.)

Multiple Choice

  •     

$75.00.

  •     

$87.50.

  •     

$150.00.

  •     

$50.00.

  •     

$37.50.

 

 

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

  •     

Debit Allowance for Doubtful Accounts $2,300; credit Bad Debts Expense $2,300.

  •     

Debit Bad Debts Expense $2,300; credit Allowance for Doubtful Accounts $2,300.

  •     

Debit Accounts Receivable $250; credit Allowance for Doubtful Accounts $2,300.

  •     

Debit Allowance for Doubtful Accounts $2,300; credit Accounts Receivable $2,300.

  •     

Debit Bad Debts Expense $2,300; credit Accounts Receivable $2,300.

 

 

If the credit balance of the Allowance for Doubtful Accounts account exceeds the amount of a bad debt being written off, the entry to record the write-off against the allowance account results in:

Multiple Choice

  •     

A reduction in equity.

  •     

An increase in the expenses of the current period.

  •     

No effect on the expenses of the current period.

  •     

An increase in current assets.

  •     

A reduction in current liabilities.

 

Click Here To Download Your Files : http://www.onlinehelp123.com/ACC-291 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ You can buy more tutorials from the below link http://www.onlinehelp123.com/ACC-291 ACC 291T Wk 4 - Practice: Connect Knowledge Check (2021.7
Recent Reviews Write a Review
0 0 0 0 reviews