ACC101_Chapter 9 (A/R Bad debts & Notes receivable)

ACC101_Chapter 9 (A/R Bad debts & Notes receivable)

University

15 Qs

quiz-placeholder

Similar activities

AMAZON - CASO DE SIMULACIÓN EMPRESARIAL

AMAZON - CASO DE SIMULACIÓN EMPRESARIAL

University

10 Qs

QUIZ 1

QUIZ 1

University

10 Qs

Unit 4 - Quiz 6

Unit 4 - Quiz 6

University

10 Qs

Flexible Budget Quiz

Flexible Budget Quiz

University

18 Qs

Gestão de MPE - Revisão do Conteúdo

Gestão de MPE - Revisão do Conteúdo

University

10 Qs

ES - W8 - HR

ES - W8 - HR

University

15 Qs

CMKTQT - IAS 16 - Nhà xưởng, máy móc, thiết bị

CMKTQT - IAS 16 - Nhà xưởng, máy móc, thiết bị

University

15 Qs

business

business

University

20 Qs

ACC101_Chapter 9 (A/R Bad debts & Notes receivable)

ACC101_Chapter 9 (A/R Bad debts & Notes receivable)

Assessment

Quiz

Business

University

Practice Problem

Hard

Created by

Thao Giang

Used 80+ times

FREE Resource

AI

Enhance your content in a minute

Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The Allowance for Doubtful Accounts is

Asset account

Contra-asset account

Revenue account

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The Allowance for Doubtful Accounts appears on:

Balance sheet

Income statement

Statement of owner's equity

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Accounts receivable: $120,000

Allowance for doubtful accounts: $20,000

=> Net Accounts receivable = ?

$120,000

$20,000

$100,000

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The Bad debts expense is

Asset account

Contra-asset account

Revenue account

Expense account

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Direct write off method:

One customer, who previously purchased merchandise on credit, are later not able to pay the accounts receivable of $10,000. Choose the correct journal entry to write off:

Debit Bad debts expense $10,000

Credit Allowance For Doubtful Accounts $10,000

Debit Bad Debts Expense $10,000

Credit Accounts Receivable $10,000

Debit Bad Debts Expense $10,000

Credit Sales revenue $10,000

Debit Accounts receivable $10,000

Credit Sales revenue $10,000

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Under allowance method, what is the journal entry to record the estimation of bad debts expense at year-end?

Debit Allowance For Doubtful Accounts

Credit Accounts Receivable

Debit Bad Debts Expense

Credit Allowance For Doubtful Accounts

Debit Bad Debts Expense

Credit Accounts receivable

Debit Cash

Credit Accounts receivable

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Under allowance method, what is the journal entry to write off the account receivable of $1,800 that are found to be uncollectible?

Debit Allowance For Doubtful Accounts $1,800

Credit Accounts Receivable $1,800

Debit Bad Debts Expense $1,800

Credit Accounts Receivable $1,800

Debit Bad Debts Expense $1,800

Credit Allowance For Doubtful Accounts $1,800

Debit Cash $1,800

Credit Accounts Receivable $1,800

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?