I need correct answers for the foolowing


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I need correct answers for the foolowing Acc221.pdf Quiz: Quiz III: Ch. 7-9 Page 1 of 7 Quiz III: Ch. 7-9 Started: Oct 28 at 9:18pm Quiz Instructions Question 1 4 pts The Lowery Co. uses the direct write-off method of accounting for uncollectible accounts receivable. Lowery has a customer whose accounts receivable balance has been determined to likely be uncollecttible. The entry to write off this account would be which of the following?: debit Bad Debt Expense; credit Accounts Receivable debit Sales Returns and Allowance, credit Accounts Receivable debit Bad Debt Expense; credit Allowance for Doubtful Accounts debit Allowance for Doubtful Accounts; credit Accounts Receivable Question 2 4 pts After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $460,000 and Allowance for Doubtful Accounts has a balance of $30,000. What is the net realizable value of the accounts receivable? $30,000 $460,000 $430,000 $490,000 Question 3 4 pts What is the type of account and normal balance of Allowance for Doubtful Accounts? Asset, debit Contra asset, debit Contra asset, credit Asset, credit Question 4 4 pts Tanning Company analyzes its receivables to estimate bad debt expense. The accounts receivable balance is $300,000 and credit sales are $1,000,000. An aging of accounts receivable shows that approximately 5% of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if the Allowance for Doubtful Accounts has a credit balance of $2,000 before adjustment? Bad Debt Expense 15,000 Allowance for Doubtful Accounts 15,000 Bad Debt Expense 17,000 Allowance for Doubtful Accounts 17,000 https://nmsu.instructure.com/courses/885327/quizzes/1010469/take 10/28/2014 Quiz: Quiz III: Ch. 7-9 Page 2 of 7 Bad Debt Expense 20,000 Allowance for Doubtful Accounts 20,000 Bad Debt Expense 13,000 Allowance for Doubtful Accounts 13,000 Question 5 4 pts An aging of a company’s accounts receivable indicates the estimate of uncollectible receivables totals $2,000. If Allowance for Doubtful Accounts has a $200 credit balance, the adjustment to record the bad debt expense for the period will require a credit to Allowance for Doubtful Accounts for $3,000. debit to Bad Debt Expense for $1,800. debit to Bad Debt Expense for $2,000. debit to Bad Debt Expense for $2,200. Question 6 4 pts Allowance for Doubtful Accounts has a debit balance of $500 at the end of the year (before adjustment), and bad debt expense is estimated at 4% of net credit sales. If net credit sales are $600,000, the amount of the adjusting entry to record the estimate of the uncollectible accounts is $24,000 cannot be determined $24,500 $23,500 Question 7 4 pts A 60-day, 12% note for $10,000, dated May 1, is received from a customer on account. The maturity value of the note is $9,800 $10,200 $10,000 $11,200 Question 8 4 pts A $6,000, 60-day, 12% note recorded on November 21 is not paid by the maker at maturity. The journal entry to recognize this event is debit Notes Receivable, $6,060; credit Accounts Receivable, $6,060 debit Accounts Receivable, $6,120; credit Notes Receivable, $6,000; Credit Interest Revenue, $120 debit Accounts Receivable, $6,120; credit Notes Receivable, $6,000; Credit Interest Receivable, $120 debit Cash, $6,120; credit Notes Receivable, $6,120 https://nmsu.instructure.com/courses/885327/quizzes/1010469/take 10/28/2014 Quiz: Quiz III: Ch. 7-9 Page 3 of 7 Question 9 4 pts Paper Company receives a $6,000, 3-month, 6% promissory note from Dame Company in settlement of an open accounts receivable. What entry will Paper Company make upon receiving the note? Notes Receivable Accounts Receivable—Dame Company 6,090 6,090 Notes Receivable 6,090 Accounts Receivable—Dame Company Interest Revenue 6,000 90 Notes Receivable Accounts Receivable—Dame Company 6,000 6,000 Notes Receivable Interest Revenue Accounts Receivable—Dame Company Interest Receivable 6,000

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