Of the current year's sales, $$2,100 will eventually be uncollectible. The Allowance for Uncollectible Accounts balance is $$ 350. The journal entry for recording the adjustment for uncollectible accounts, based on the percent of sales method, is: debit Uncollectible Accounts Expense, $$2,100; credit Allowance for Uncollectible Accounts, $$ 2,100.

debit Uncollectible Accounts Expense, $$2,100; credit Allowance for Uncollectible Accounts, $$ 2,100.

Kitchen Supply Warehouse uses the direct write-off method when handling uncollectible accounts receivable. Coffey's Diner owes $450 on account. Kitchen Supply Warehouse has determined this account to be uncollectible. The correct entry for writing off this account is: debit Uncollectible Accounts Expense, $$450; credit Accounts Receivable/Coffey’s Diner, $$ 450

debit Uncollectible Accounts Expense, $$450; credit Accounts Receivable/Coffey’s Diner, $$ 450

Western Textile Company estimates its uncollectible accounts expense for the year to be $3,575. The correct entry to record the estimated uncollectible accounts expense is: A. debit Uncollectible Accounts Expense, $$3,575$$ ; credit Accounts Receivable, $$3,575$$ . B. debit Uncollectible Accounts Expense, $$3,575$$ ; credit Allowance for Uncollectible Accounts, $$3,575$$ . C. debit Accounts Receivable, $$3,575$$ ; credit Uncollectible Accounts Expense, $$3,575$$ . D. debit Allowance for Uncollectible Accounts, $$3,575$$ ; credit Uncollectible Accounts Expense, $$3,575$$ .

debit Uncollectible Accounts Expense, $$3,575$$ ; credit Allowance for Uncollectible Accounts, $$3,575$$ .

The Sawyer Company estimates $1,500 of the current year's sales will eventually be uncollectible. The Allowance for Uncollectible Accounts balance is $200. The journal entry for recording the adjustment for uncollectible accounts is: A. debit Allowance for Uncollectible Accounts, $$1,500$$ ; credit Uncollectible Accounts Expense, $$1,500$$ . B. debit Uncollectible Accounts Expense, $$1,500$$ ; credit Allowance for Uncollectible Accounts, $$1,500$$ . C. debit Allowance for Uncollectible Accounts, $$1,300$$ ; credit Uncollectible Accounts Expense, $$1,300$$ . D. debit Uncollectible Accounts Expense, $$1,300$$ ; credit Allowance for Uncollectible Accounts, $$1,300$$ .

debit Uncollectible Accounts Expense, $$1,500$$ ; credit Allowance for Uncollectible Accounts, $$1,500$$ .

Legal Eagles Law Firm uses the direct write-off method when handling uncollectible accounts receivable. Joe Coffey owes $250 on account. Legal Eagles Law Firm has determined this account to be uncollectible. The correct entry for writing off this account is:

debit Uncollectible Accounts Expense, $$250$$ ; credit Accounts Receivable/Joe Coffey, $$250$$ .

What is the correct entry to reopen the account for Little Angels after receiving a check for $125? Options: debit Accounts Receivable/Little Angels, $$125$$ ; credit Allowance for Uncollectible Accounts, $$125$$ . debit Accounts Receivable/Little Angels, $$125$$ ; credit Uncollectible Accounts Expense, $$125$$ . debit Uncollectible Accounts Expense, $$125$$ ; credit Accounts Receivable/Little Angels, $$125$$ . debit Uncollectible Accounts Expense, $$125$$ ; credit Allowance for Uncollectible Accounts, $$125$$ .

debit Accounts Receivable/Little Angels, $$125$$ ; credit Allowance for Uncollectible Accounts, $$125$$ .

Mitchell Building Supplies uses the direct write-off method when handling uncollectible accounts receivable. Lark Construction owes $1,200 on account. Mitchell Building Supplies has determined this account to be uncollectible. The correct entry for writing off this account is:

debit Uncollectible Accounts Expense, $$1,200; credit Accounts Receivable/Lark Construction, $$ 1,200.

Mary Ann's Sewing Notions received a check for $75 from Cathy Martin, whose account was previously written off. Mary Ann's Sewing Notions uses the direct write-off method for uncollectible accounts. What is the correct entry to reopen the account for Cathy Martin? Options: debit Accounts Receivable/Cathy Martin, $$75$$ ; credit Uncollectible Accounts Expense, $$75$$

debit Accounts Receivable/Cathy Martin, $$75$$ ; credit Uncollectible Accounts Expense, $$75$$ .

Maple Tree Candy Factory estimates its uncollectible accounts expense for the year to be $800. The correct entry to record the estimated uncollectible accounts expense is: A. debit Uncollectible Accounts Expense, $$800$$ ; credit Accounts Receivable, $$800$$ . B. debit Uncollectible Accounts Expense, $$800$$ ; credit Allowance for Uncollectible Accounts, $$800$$ . C. debit Accounts Receivable, $$800$$ ; credit Uncollectible Accounts Expense, $$800$$ . D. debit Allowance for Uncollectible Accounts, $$800$$ ; credit Uncollectible Accounts Expense, $$800$$ .

debit Uncollectible Accounts Expense, $$800$$ ; credit Allowance for Uncollectible Accounts, $$800$$ .

6.002 Study Guide Flashcards

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20 questions

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1.

FLASHCARD QUESTION

Front

Back

2.

FLASHCARD QUESTION

Front

What is the estimated uncollectible accounts expense for the year?

Back

$52,750.00

3.

FLASHCARD QUESTION

Front

Pet Food Wholesale estimates its uncollectible accounts expense for the year to be $1,500. The correct entry to record the estimated uncollectible accounts expense is:

Back

4.

FLASHCARD QUESTION

Front

What is the estimated uncollectible accounts expense for the year if total sales on account are $200,000.00 and uncollectible accounts expense is about 2% of total sales?

Back

$4,000.00

5.

FLASHCARD QUESTION

Front

Bright Lites Electrical Services uses the direct write-off method when handling uncollectible accounts receivable. Taylor Electricians owes $695 on account. Bright Lites Electrical Services determined this account to be uncollectible. The correct entry for writing off this account is:

Back

6.

FLASHCARD QUESTION

Front

Steve’s Auto Shop uses the direct write-off method when handling uncollectible accounts receivable. John Taylor owes $375 on account. Steve’s Auto Shop has determined this account to be uncollectible. The correct entry for writing off this account is:

Back

7.

FLASHCARD QUESTION

Front

Back

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