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ACC 291T Wk 4 - Apply: Connect Homework (2021.7 New)

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ACC 291T Wk 4 - Apply: Connect Homework (2021.7 New)

Valley Spa purchased $8,200 in plumbing components from Tubman Co. Valley Spa Studios signed a 45-day, 8% promissory note for $8,200. If the note is dishonored, what is the amount due on the note? (Use 360 days a year.)

Multiple Choice

$8,282

$82

$8,200

$8,530

$8,450

 

 

A company borrowed $12,000 by signing a 120-day promissory note at 15%. The total interest due on the maturity date is: (Use 360 days a year.)

Multiple Choice

$300.00

$600.00

$40.00

$1,800.00

$900.00

 

 

Jasper makes a $82,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the transaction should be:

Multiple Choice

Debit Notes Receivable $82,000; credit Sales $82,000.

Debit Accounts Receivable $82,000; credit Notes Receivable $82,000.

Debit Notes Receivable for $82,000; credit Cash $82,000.

Debit Cash $82,000; credit Notes Receivable for $82,000.

Debit Notes Payable $82,000; credit Accounts Payable $82,000.

 

 

A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company's unadjusted trial balance reported the following selected amounts:

 

                   

Accounts receivable       $     359,000   debit

Allowance for uncollectible accounts         540  debit

Net Sales      804,000   credit

________________________________________

 

All sales are made on credit. Based on past experience, the company estimates that 0.6% of net credit sales are uncollectible. What amount should be debited to Bad Debts Expense when the year-end adjusting entry is prepared?

Multiple Choice

$1,614

$2,694

$5,364

$4,824

$4,284

 

 

Valley Spa purchased $10,200 in plumbing components from Tubman Co. Valley Spa signed a 60-day, 10% promissory note for $10,200. If the note is dishonored, but Tubman intends to continue collection efforts, what is the journal entry to record the dishonored note? (Use 360 days a year.)

Multiple Choice

Debit Bad Debt Expense $10,370; credit Accounts Receivable $10,370.

Debit Bad Debt Expense $10,200; credit Notes Receivable $10,200.

Debit Accounts Receivable $10,370; debit Bad Debt Expense $170; credit Notes Receivable $10,200.

Debit Accounts Receivable—Valley Spa $10,200; credit Notes Receivable $10,200.

Debit Accounts Receivable—Valley Spa $10,370, credit Interest Revenue $170; credit Notes Receivable $10,200.

 

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