
ACC101_Chapter 9 (A/R Bad debts & Notes receivable)
Quiz
•
Business
•
University
•
Practice Problem
•
Hard
Thao Giang
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15 questions
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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
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