
Week 9 - Receivables
Authored by Sarini Azizan
Education
University
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5 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Receivables are frequently classified as:
Accounts receivable, company receivables, and other receivables.
Accounts receivable, notes receivable, and employee receivables
Accounts receivable and general receivables.
Accounts receivable, notes receivable, and other receivables.
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
On May 1, Wilton sold merchandise on account to Bates for RM50,000 terms 3/15, net 45. What do these terms: 3/15, net 45 mean?
15% discount if payment made in 3 days, otherwise net payment in 45 days
3% discount if payment made in 15 days, otherwise full payment in 45 days
15% discount if payment made in 12 days, otherwise full payment after 45 days
3% discount if payment made in 12 days, otherwise full payment after 45 days
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
On May 1, Wilton sold merchandise on account to Bates for RM50,000 terms 3/15, net 45. What is the entry for this transaction?
Accounts Receivable—Bates 50,000
Sales Revenue 50,000
Cash—Bates 50,000
Sales Revenue 50,000
Accounts Receivable—Bates 50,000
Inventory 50,000
Other Receivable—Bates 50,000
Sales Revenue 50,000
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
On May 1, Wilton sold merchandise on account to Bates for RM50,000 terms 3/15, net 45. On May 4, Bates returns merchandise with a sales price of RM2,000. Record the transaction for May 4:
Sales Discount 2,000
Accounts Receivable—Bates 2,000
Sales Returns and Allowances 2,000
Accounts Receivable—Bates 2,000
Accounts Receivable—Bates 2,000
Sales Returns and Allowances 2,000
Accounts Receivable—Bates 2,000
Inventory 2,000
5.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
On May 1, Wilton sold merchandise on account to Bates for RM50,000 terms 3/15, net 45. On May 4, Bates returns merchandise with a sales price of RM2,000. On May 16, Wilton receives payment from Bates for the balance due. Prepare journal entry for the May 16.
Cash (RM50,000 - RM2,000) 48,000
Accounts Receivable—Bates 48,000
Cash (RM50,000 - RM7,500) 42,500
Sales Discounts (RM50,000 x .15) 7,500
Accounts Receivable—Bates 50,500
Cash (RM48,000 - RM7,200) 40,800
Sales Discounts (RM48,000 x .15) 7,200
Accounts Receivable—Bates 48,000
Cash (RM48,000 - RM1,440) 46,560
Sales Discounts (RM48,000 x .03) 1,440
Accounts Receivable—Bates 48,000
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