QUESTION 1 net credit sales for month are $ 800000. The accounts receivable balance is $ 160000. The

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QUESTION 1

net credit sales for month are $ 800000. The accounts receivable balance is $ 160000. The allowance for uncollectibleis 7.5% of accounts receivable balance. If the allowance for doubtful or uncollectible has a CREDIT balance of $ 5000 before adjustment, what is the balance afteradjustment?

$ 12000

$ 7000

$ 17000

$ 31000

10 points   

QUESTION 2

After theaccountsareadjusted at the end of the year, accounts receivable has a balance of $ 450000 and allowance for doubtful has a balance of $ 25000. What is expected realizable value or collectible value of the receivables?

$ 25000

$ 425000

$ 450000

$ 455000

10 points   

QUESTION 3

Allowance for doubtful accounts islisted on the balance sheet under the caption

owner’s equity

investment

fixed assets

current assets

10 points   

QUESTION 4

Allowance for doubtful accounts has a credit balance of $ 1100 before adjustment. Ananalysis ofaccounts indicated doubtful accounts of $ 12900. Which of thew following entries record the proper provisions for doubtful accounts?

debit uncollectible-bad debt expense $ 14000
credit allowance for doubtful-uncollectible $ 14000

debit allowance for doubtful-uncollectible $ 14000
credit uncollectible-bad debt expense $14000

debit allowance for doubtful-uncollectible $ 11800
credit uncollectible-bad debt expense $ 11800

debit uncollectible-bad debt expense $ 11800
credit allowance for uncollectible-doubtful $ 11800

10 points   

QUESTION 5

Allowance for doubtful-uncollectible has a DEBIT balance at end of period before adjustment. An analysis of accounts indicated doubtful or uncollectible accounts of $ 17900 credit. Which of the following records the proper entry for doubtful accounts?

debit allowance for uncollectible-doubtful $ 16400
credituncollectible-bad debtexpense $ 16400

debit allowance for uncollectible-doubtful $ 19400
credit uncollectible-bad debt expense $ 19400

debit uncollectible-bad debt expense $ 19400′
credit allowance uncollectible-doubtful $ 19400

debit uncollectible-bad debt expense $ 16400
credit allowance for uncollectible-doubtful $ 16400

10 points   

QUESTION 6

Manning uss a percentage of receivable method for recording bad debts. The accounts receivable balance is $ 200000 and credit sales are $ 1000000. Management estimates that 5 % of accounts receivable will be uncollectible. What adjusting entry will Manning make if the allowance for doubtful account has a credit balance of $2000 before adjustment?

debit bad debt expense $ 10000
credit allowance doubtful $ 10000

debit bad debit expense $ 8000
credit allowance for doubtful $ 8000

debit allowance for doubtful $ 8000
credit bad debt expense $ 8000

debit allowance for doubtful $ 10000
credit bad debt expense $ 10000

10 points   

QUESTION 7

Using percentage of receivable method, the estimated uncollectible accounts are $ 25000. If the balance of allowance for doubtful accounts is $ 8000 debit before adjustment, what is the amount of bad debt expense for the period?

$ 25000

$ 8000

$ 33000

$ 17000

10 points   

QUESTION 8

Using theallowance method, the uncollectible for the year is estimated to be $ 28000. If the balance of allowance for doubtful is a credit $ 7000 before adjustment,what is the bad debt expense for the period?

$ 7000

$ 21000

$ 28000

$ 35000

10 points   

QUESTION 9

Data: accounts receivable $ 800000
allowance doubtful $ 50000 before adjustment
allowance for dubtful $ 65000 after adjustment
What is net realizable value of accounts receivable at end of period?

$ 685000

$ 750000

$ 800000

$ 735000

10 points   

QUESTION 10

An account actually written off as uncollectible under the allowance method has the following entry

debit bad debt expense
credit allowance for doubtful

debit allowance fordoubtful
credit bad debt expense

debit allowance for doubtful
credit accounts receivable

debit bad debt expense
credit accounts receivable

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