BAT Chapter 8 Review
Quiz
•
Business
•
12th Grade
•
Practice Problem
•
Medium
Ms. Darling
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20 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
On August 10, Pi Company sells merchandise on account to Murray Co. for $2000, terms 2/10, n/30. On August 15, Murray returns merchandise worth $400 to Pi. On August 20, payment is received from Murray for the balance due. What is the amount of cash received?
$1560
$1600
$1568
$1960
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Kartik Company's accounts receivable are $200,000 at the end of the year. The allowance for doubtful accounts has a credit balance of $4000 before any adjustments have been made. The company estimates that 5% of accounts receivable will not be collected. What is the NRV of the accounts receivable at the end of the year?
$196,000
$200,000
$186,000
$190,000
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
On January 1, 2019, Allowance for Doubtful Accounts had a credit balance of $40,000. In 2019, $30,000 of uncollectible accounts receivable were written off. On December 31, 2019, the company had accounts receivable of $900,000. Experience indicates that 4% of total receivables will become uncollectible. The adjusting journal entry that would be recorded on December 31, 2019, would be:
DR Allowance for Doubtful Accounts $26,000
CR Accounts Receivable $26,000
DR Bad Debt Expense $36,000
CR Accounts Receivable $36,000
DR Bad Debt Expense $26,000
CR Allowance for Doubtful Accounts $26,000
DR Bad Debt Expense $36,000
CR Allowance for Doubtful Accounts $36,000
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
On June 1, Sorenson Co. accepts a $2000, four-month, 6% promissory note in settlement of an account with Parton Co. Sorenson has a July 31 fiscal year end. The adjusting entry to record interest on July 31 is:
DR Interest Receivable $20
CR Interest Revenue $20
DR Interest Receivable $120
CR Interest Revenue $120
DR Notes Receivable $120
CR Unearned Interest Revenue $120
DR Interest Receivable $40
CR Interest Revenue $40
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Schlicht Co. holds Osgrove Inc.'s $10,000, four-month, 9% note. If no interest has been accrued, when the note is collected, the entry made by Schlicht Co. is:
DR Cash $10,300
CR Notes Receivable $10,300
DR Cash $10,900
CR Interest Revenue $900
CR Notes Receivable $10,000
DR Accounts Receivable $10,300
CR Notes Receivable $10,000
CR Interest Revenue $300
DR Cash $10,300
CR Notes Receivable $10,000
CR Interest Revenue $300
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The allowance for doubtful accounts is presented in the financial statements as:
a current liability in the balance sheet
a deduction from accounts receivable in the balance sheet
a contra revenue account in the income statement
an operating expense in the income statement
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Moore company had net credit sales of $800,000 in the year and a COGS of $500,000. The balance in Accounts Receivable at the beginning of the year was $100,000 and at the end of the year it was $150,000. What were the receivables turnover and collection period ratios, respectively?
4.0 and 91 days
5.3 and 69 days
6.4 and 57 days
8.0 and 46 days
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