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When a note is accepted to settle an open account, notes receivable is debited for the note's

19/11/2020 Client: papadok01 Deadline: 24 Hours

Please hi light the correct answers.
1. To record estimated uncollectible accounts using the allowance method, the adjusting entry would be a

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debit to Loss on Credit Sales Revenue and a credit to Accounts Receivable.

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debit to Allowance for Doubtful Accounts and a credit to Accounts Receivable.

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debit to Accounts Receivable and a credit to Allowance for Doubtful Accounts.

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debit to Bad Debt Expense and a credit to Allowance for Doubtful Accounts

2. A company that receives an interest bearing note receivable will

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debit Notes Receivable for the maturity value of the note.

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credit Notes Receivable for the maturity value of the note.

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debit Notes Receivable for the face value of the note.

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credit Notes Receivable for the face value of the note.

3. Writing off an uncollectible account under the allowance method requires a debit to

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Bad Debt Expense.

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Uncollectible Accounts Expense.

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Allowance for Doubtful Accounts.

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Accounts Receivable.

4. Which of the following would be considered as an unlikely occurrence?

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Manufacturer offers a cash discount to a wholesaler.

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Wholesaler offers a cash discount to a retailer.

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Retailer offers a cash discount to a customer.

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All of these are standard practices.

5. When a note is accepted to settle an open account, Notes Receivable is debited for the note's

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face value plus interest.

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net realizable value.

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face value.

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maturity value.

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6. T'Pol Furniture factors $900,000 of receivables to Trip Factors, Inc. Trip Factors assesses a 2% service charge on the amount of receivables sold. T'Pol Furniture factors its receivables regularly with Trip Factors. What journal entry does T'Pol make when factoring these receivables?

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Cash

882,000

Accounts Receivable

882,000


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Cash

882,000

Service Charge Expense

18,000

Accounts Receivable

900,000


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Cash

882,000

Loss on Sale of Receivables

18,000

Accounts Receivable

900,000


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Cash

900,000

Accounts Receivable

882,000

Gain on Sale of Receivables

18,000

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7. On November 1, Gentle Company received a $3,000, 6%, three-month note receivable. The cash to be received by Gentle Company when the note becomes due is:

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$3,000.

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$3,030.

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$3,045.

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$3,180.

8. The average collection period for accounts receivable is computed by dividing 365 days by

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average accounts receivable.

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accounts receivable turnover.

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ending accounts receivable.

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net credit sales.

9. A 90-day note dated May 14 has a maturity date of

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August 14.

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August 13.

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August 12.

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August 15

10. Using the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $15,000. If the balance of the Allowance for Doubtful Accounts is $2,000 credit before adjustment, what is the amount of bad debt expense for that period?

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$13,000

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$15,000

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$2,000

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$17,000

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