Which TWO of the following are credit entries in the trade receivables ledger account?

Quiz Part 3 (FA1)

Quiz
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Other
•
University
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Hard
Syahira Mohd
FREE Resource
10 questions
Show all answers
1.
MULTIPLE SELECT QUESTION
2 mins • 1 pt
Cash paid to credit suppliers
Discounts received
Irrecoverable debts
Sales returns from credit customers
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Anjali is reviewing his receivables balances at the year ended 30 September 20X8. He has established that an allowance equivalent to 6% of the outstanding balance on receivables is required at 30 September 20X8. The following information is also available: Receivables at 30 September 20X8 $318,000 Irrecoverable debt to be written off $7,400 Allowance for receivables 1 October 20X7 $25,600 What is the figure for Anjali's irrecoverable debt expense that should be recognised in the statement of profit or loss the year ended 30 September 20X8?
$436
$7,400
$14,364
$26,036
3.
FILL IN THE BLANK QUESTION
2 mins • 1 pt
On 1 January 20X8 Wu had an allowance for receivables of $4,800. During the year, he has written off an irrecoverable debt of $900 and recovered a previously written off debt of $600. The remaining receivables balance at 31 December 20X8 is $204,000. The allowance for receivables at 31 December 20X8 is equivalent to 3% of receivables.
What is Wu's irrecoverable debt expense for the year ended 31 December 20X8?
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Carrie's trial balance at 31 March 20X4 included a total on her receivables account of $67,500 and a brought forward figure on her allowance for receivables account of $1,220.
You have obtained the following information:
Carrie received a cheque from Drake immediately before the year-end. Drake's debt of $500 had been written off in full during the year.
At 31 March 20X4, there were balances of $2,000 that should be written off.
The allowance for receivables at 31 March 20X4 should be 2% of remaining receivables.
What figure should Carrie show in her statement of financial position for receivables at 31 March 20X4?
$65,500
$64,190
$65,000
$64,690
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Clarke had a draft total on his receivables ledger account at 31 July 20X2 of $23,440.
When finalizing the accounts, Clarke decided to write off a debt of $500. He also decided that the allowance for doubtful debts had to be increased from $900 at the start of the period to $1,200 at 31 July 20X2.
What figure will Clarke show for receivables in his statement of financial position at 31 July 20X2?
$21,740
$22,240
$22,640
$22,940
6.
FILL IN THE BLANK QUESTION
2 mins • 1 pt
At 1 July 20X7 the receivables allowance of Laura's business was $88,000. During the year ended 30 June 20X8 debts totalling $24,000 were written off. Laura has decided that the receivables allowance as at 30 June 20X8 will be $86,000.
What amount should Laura's business report as their receivables expense in their statement of profit or loss for the year ended June 30 20X8?
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
At the end of their financial year, 30 April 20X4, a business had a balance on their receivables ledger control account of $98,500.
At the start of the financial year the business had an allowance for receivables of $12,000.
The allowance for receivables required at 30 April 20X4 is 100% of a debt of $5,500 and 2% against a further $60,000.
What effect on profit will posting the adjustments required to update the allowance for receivables have?
Decrease $5,300
Decrease $7,700
Increase $5,300
Increase $7,700
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