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ACC 291 Week 2 Chapter 08 Practice Quiz 1
« on: Feb 12th, 2016, 7:26pm » |
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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. What should be the adjusted balance of Allowance for Doubtful Accounts at December 31, 2011? 8. An analysis and aging of the accounts receivable of Prince Company at December 31 reveals the following data. 9. One of the following statements about promissory notes is incorrect. The incorrect statement is: 10. Which of the following statements about Visa credit card sales is incorrect? 11. Blinka Retailers accepted $50,000 of Citibank Visa credit card charges for merchandise sold on July 1. Citibank charges 4% for its credit card use. The entry to record this transaction by Blinka Retailers will include a credit to Sales of $50,000 and a debit(s) to: 12. Foti Co. accepts a $1,000, 3-month, 12% promissory note in settlement of an account with Bartelt Co. The entry to record this transaction is as follows. 13. Ginter Co. holds Kolar Inc.'s $10,000, 120-day, 9% note. The entry made by Ginter Co. when the note is collected, assuming no interest has been previously accrued, is: 14. Accounts and notes receivable are reported in the current assets section of the balance sheet at: 15. Oliveras Company had net credit sales during the year of $800,000 and cost of goods sold of $500,000. The balance in accounts receivable at the beginning of the year was $100,000, and the end of the year it was $150,000. What were the accounts receivable turnover ratio and the average collection period in days? CARD 405 Week 8 Informational Interview BPA 406 Week 2 Effective Traits Paper GBM 489 Week 3 Individual Assignments From the Readings BUS 311 Entire Course SCI 162 Week 7 DQs CJS 220 Week 8 Checkpoint 1 BUS 681 Week 1 DQ 2 Compensation Practices ISCOM 305 Week 1 DQs CSS 422 Week 5 Final Software Architecture BUS 401 Week 3 Quiz Version b ACC 206 Week 1 P13-25A Lennox Health Foods IT 236 Set 2 Week 5 DQ 2 BA 470 Week 8 Complete Business plan ACC 205 Week 1 Discussion Question 1 Ethical Issues AED 202 Week 5 DQs PSY 211 Week 4 DQ1 COM 310 Week 3 Learning Team Script Project Action Plan POS 110 Exercise Amending the Constitution AED 202 Week 9 Final BUS 405 Week 4 Chapter 13 Performance Evaluation and Risk Management RDG 350 Week 5 DQs ECE 353 Entire Course SOC 402 Week 3 Workplace crime and honest dealing PSY 201 Week 1 Discussion Questions ACC 250 Week 5 Checkpoint Charts of Accounts BUSN 427 Week 3 Case Analysis CEMEX NETW 208 Week 4 ilab ElementK Labs ENV 322 Week 5 DQ 1 Energy Consumption BSHS 312 Week 1 Discussion Questions 1 2 ACC 225 Week 7 Questions 7-3 IT 210 Week 9 Final Project Currency Conversion FIN 366 Week 5 Learning Team Assignment Market Participation Paper XMGT 216 Week 7 CheckPoint Code of Ethics COM 140 CheckPoint Effective Business Communication COM 321 Week 5 Final Portfolio BUS 435 Week 4 DQ 2 Sales and Cash Budget ACCT 434 Week 2 Master Budget Flexible Budgets ACC 407 Entire Course MGT 311 Week 3 Discussion Questions 1 Set 2 BUSN 319 Week 4 DQ 1 New Products COM 140 Capstone Discussion Question INB 205 Entire Course BIO 315 Week 3 DQ 2 ETH 316 Week 3 Individual Assignment The Responsibility Project SOC 120 Week 4 Quiz MGT 401 Week 1 Quiz BUS 446 Week 3 Quiz PSYCH 515 Week 5 Team Assignment Case Study Borderline Personality BUS 505 Week 6 Discussion 2 ACCT 346 Week 1 DQ 2 Managerial and Financial Accounting REL 133 Week 4 Individual Assignment CJA 323 AKA CJA 314 Week 5 DQS HUM 102 Learning Team Final Project Presentation ACC 290 Week 2 WileyPLUS Assignment Week Two NUR 403 Week 2 DQ2 WEB 238 Week 4 Assignment MGMT 303 Week 4 Midterm Exam CMGT 430 Week 2 Riordan Manufacturing Separation of Duties Paper http://www.skenz.it/ftopicp-109260.html#109260 MTH 208 Week 3 Individual Assignment CIS 205 Week 4 DQs HRM 595 Week 6 Individual Assignment Proposal Plan Part IV PSYCH 515 Week 3 Team Assignment Case Study Post Traumatic Stress Disorder POS 420 v10 Week 4 Individual Systems Administration Scripting Log HIS 415 Week 1 DQs BUS 680 Week 3 DQ 1 Games Simulations POS 421 Week 5 DQ1 v7 SBE 440 Week 4 Assignment Management Team IT 218 Week 4 Appendix C COM 220 Week 9 Capstone HCR 210 Week 5 CheckPoint Numeric Filing Appendix E IT 241 Week 2 DQ 1 COM 345 Week 5 DQ 2 Graphics ACC 543 Exercise 18-17A Excel HIS 204 Week 5 DQ 1 BSA 310 Week 2 DQs ETH 557 Week 4 DQ 3 ACC 250 Chapter 9 Ex. 9-1 Chart of Accounts
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