Acct. Ch. 9 Accounts Receivable

A separate account that keeps track of each individual customer's account balances is called?

• Control Account
• Subsidiary Account
• Ledger
• Contra Asset

Which financial statement is changed by the percent of sales method?

• Statement of cash flows
• Balance Sheet
• Accounting Equation 
• Income Statement

Which is NOT an advantage of accepting third party credit cards?

• Paying a fee to the credit card company
• Higher Sales
• Convenience to Customer
• Get cash quicker

What is the "new" account we debit when we have to pay a fee to a third party credit card company?

• Sales Discount
• Cost of Goods Sold
• Credit Card Expense
• Bad Debts Expense

Which makes no attempt to predict bad debts expense?

• Direct Write Off Method
• Allowance Method

The write-off of a specific account does not affect net income.

• Direct write-off method
• Allowance method

How many journal entries do you make when you make a sale?

• 1
• 2
• 3
• 4

What kind of account is Allowance for Doubtful Accounts?

• Contra Revenue
• Contra Asset
• Debit
• Expense

What is another name for Uncollectibles?

• Uncommon
• Bad People
• Bad Debts
• Good Credit

What shows that the sum of the individual accounts in the subsidiary ledger equals the balance of the Accounts Receivable account in the general ledger?

• Schedule of Ledgers
• Schedule of Accounts Receivable
• Summary of Receivables
• The General Ledger