ACC 291 Week 2 Chapter 08 Practice Quiz 1

Topics: Balance sheet, Accounts receivable, Generally Accepted Accounting Principles Pages: 3 (597 words) Published: October 26, 2014

In this file ACC 291 Week 2 Chapter 08 Practice Quiz 1 you can find right answers on the following questions:

1. Receivables are frequently classified as:

2. Buehler Company on June 15 sells merchandise on account to Chaz Co. for $1,000, terms 2/10, n/30. On June 20, Chaz Co. returns merchandise worth $300 to Buehler Company. On June 24, payment is received from Chaz Co. for the balance due. What is the amount of cash received?

3. Which of the following approaches for bad debts is best described as a balance sheet method?

4. Hughes Company has a credit balance of $5,000 in its Allowance for Doubtful Accounts before any adjustments are made at the end of the year. Based on the review and aging of its accounts receivable at the end of the year, Hughes estimates that $60,000 of its receivables are uncollectible. The amount of bad debts expense which should be reported for the year is:

5. Hughes Company has a debit balance of $5,000 in its Allowance for Doubtful Accounts before any adjustments are made at the end of the year. Based on the review and aging of its accounts receivable at the end of the year, Hughes estimates that $60,000 of its receivables are uncollectible. The amount of bad debts expense which should be reported for the year is:

6. Net sales for the month are $800,000, and bad debts are expected to be 1.5% of net sales. The company uses the percentage-of -sales basis. If the Allowance for Doubtful Accounts has a credit balance of $15,000 before adjustment, what is the balance after adjustment?

7. In 2011, Roso Carlson Company had net credit sales of $750,000. On January 1, 2011, Allowance for Doubtful Accounts had a credit balance of $18,000. During 2011, $30,000 of uncollectible accounts receivable were written off. Past experience indicates that 3% of net credit sales become uncollectible. Wh...

For downloading more course tutorials visit - https://bitly.com/12B2KcO

Take advantage of...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • ACC 291 Week 2 Chapter 09 Practice Quiz 1 Essay
  • ACC 291 Week 2 Essay
  • ACC 291 Week 1 Discussion Questions and Responses
  • ACC 291 Week 4 Chapter 14 Practice Quiz 1 Essay
  • ACC 291 Week 2 Individual WileyPLUS Assignment Essay
  • ACC 291 Week 2 Reflection Summary Essay
  • ACC 205 Week 2 Essay
  • Acc/291 Week 1 Essay

Become a StudyMode Member

Sign Up - It's Free