Western Textile Company estimates its uncollectible accounts expense for the year to be $3,575. The correct entry to record the estimated uncollectible accounts expense is:

debit Uncollectible Accounts Expense, $3,575; credit Allowance for Uncollectible Accounts, $3,575.

debit Uncollectible Accounts Expense, $3,575; credit Accounts Receivable, $3,575.

debit Accounts Receivable, $3,575; credit Uncollectible Accounts Expense, $3,575.

debit Allowance for Uncollectible Accounts, $3,575; credit Uncollectible Accounts Expense, $3,575.

Sports Warehouse received a payment in the amount of $697.50 for a note receivable. Interest on the note receivable was $47.50. The journal entry to record the receipt of payment of the note receivable is:

debit Cash, $697.50; credit Interest Income, $47.50, Notes Receivable, $650.00.

debit Cash, $697.50; credit Accounts Receivable, $697.50.

debit Accounts Receivable, $697.50; credit Cash, $697.50.

debit Cash, $650.00, Interest Expense, $47.50; credit Accounts Receivable, $697.50.

North Carolina Office Supply has a depreciation expense of $7,525 at the end of the fiscal year. The entry to journalize the depreciation expense is:

debit Depreciation Expense, $7,525; credit Accumulated Depreciation, $7,525.

debit Depreciation Expense, $7,525; credit Equipment, $7,525.

debit Equipment, $7,525; credit Accumulated Depreciation, $7,525.

debit Accumulated Depreciation, $7,525; credit Depreciation Expense, $7,525.

Kevin Davis dishonored a 90-day, 8% note for $2,000. What is the journal entry to record the dishonored note receivable?

debit Accounts Receivable/Kevin Davis, $2,040; credit Interest Income, $40; credit Notes Receivable, $2,000

debit Notes Receivable, $2,040; credit Interest Income, $40; credit Accounts Receivable/Kevin Davis, $2,000

debit Accounts Receivable/Kevin Davis, $2,000; credit Notes Receivable, $2,000

debit Notes Receivable, $2,040; credit Accounts Receivable/Kevin Davis, $2,040

Mary Jones has an overdue account in the amount of $697.35 with Sports Warehouse. Sports Warehouse agrees to accept a note receivable from Mary. The journal entry to record the acceptance of the note receivable is:

debit Notes Receivable, $697.35; credit Accounts Receivable/Mary Jones, $697.35.

debit Cash, $697.35; credit Accounts Receivable/Mary Jones, $697.35.

debit Accounts Receivable/Mary Jones, $697.35; credit Cash, $697.35.

debit Accounts Receivable/Mary Jones, $697.35; credit Notes Receivable, $697.35.

Michael's Soda Shoppe has a depreciation expense of $1,250 at the end of the fiscal year. The entry to journalize the depreciation expense is:

debit Depreciation Expense, $1,250; credit Accumulated Depreciation, $1,250.

debit Equipment, $1,250; credit Accumulated Depreciation, $1,250.

debit Depreciation Expense, $1,250; credit Equipment, $1,250.

debit Accumulated Depreciation, $1,250; credit Depreciation Expense, $1,250.

Legal Eagles Law Firm uses the direct write-off method when handling uncollectible accounts receivable. Joe Coffey owes $250 on account. Legal Eagles Law Firm has determined this account to be uncollectible. The correct entry for writing off this account is:

debit Uncollectible Accounts Expense, $250; credit Accounts Receivable/Joe Coffey, $250.

debit Accounts Receivable/Joe Coffey, $250; credit Allowance for Uncollectible Accounts, $250.

debit Accounts Receivable/Joe Coffey, $250; credit Uncollectible Accounts Expense, $250.

debit Uncollectible Accounts Expense, $250; credit Allowance for Uncollectible Accounts, $250.

Mother Goose Children’s Clothing received a check for $125 from Little Angels, whose account was previously written off. Mother Goose Children’s Clothing uses the allowance method when handling uncollectible accounts receivable. The correct entry to reopen the account for Little Angels is:

debit Accounts Receivable/Little Angels, $125; credit Allowance for Uncollectible Accounts, $125.

debit Accounts Receivable/Little Angels, $125; credit Uncollectible Accounts Expense, $125.

debit Uncollectible Accounts Expense, $125; credit Accounts Receivable/Little Angels, $125.

debit Uncollectible Accounts Expense, $125; credit Allowance for Uncollectible Accounts, $125.

Carson’s Shoe Store paid First National Bank in full for a 90-day, 10%, interest-bearing note for $5,000. Using a 360-day year, what journal entry should Carson's Shoe Store make for the payment of the notes payable?

debit Notes Payable $5,000; debit Interest Expense $125; credit Cash $5,125

debit Cash $5,125; credit Notes Payable $5,125

debit Cash $5,125; credit Notes Payable $5,000; credit Interest Expense $125

debit Notes Payable $5,125; credit Interest Expense $125; credit Cash $5,000

Lighten Up Electrical Supply received a payment of a note receivable in the amount of $1,675. Interest on the note receivable was $75. The journal entry to record the payment of the note receivable is:

debit Cash, $1,600; credit Interest Income, $75, Notes Receivable, $1,600.

debit Cash, $1,675; credit Accounts Receivable, $1,675.

debit Accounts Receivable, $1,675; credit Cash, $1,675.

debit Cash, $1,600, Interest Expense, $1,275; credit Accounts Receivable, $1,675.

The Store Equipment account has a balance of $30,000. The equipment has a useful life of 8 years and a salvage value of $6,000. At the end of the year, how is the adjusting entry for depreciation recorded on a multicolumn trial balance worksheet?

In the Adjustments columns, debit Depreciation Expense-Store Equipment, $3,000; credit Accumulated Depreciation-Store Equipment, $3,000.

In the Adjustments columns, debit Store Equipment, $3,000; credit Depreciation Expense-Store Equipment, $3,000.

In the Adjustments columns, debit Depreciation Expense-Store Equipment, $3,000; credit Store Equipment, $3,000.

In the Adjustments columns, debit Accumulated Depreciation-Store Equipment, $3,000; credit Depreciation Expense-Store Equipment, $3,000.

Beach Bums Surf Shop signed a 90-day, 5%, interest-bearing note for $3,000.00 with First National Bank. The Beach Bums Surf Shop journal entry for the issuance of the note payable is:

debit Cash, $3,000.00; credit Notes Payable, $3,000.00.

debit Cash, $3,037.50; credit Notes Payable, $3,037.50.

debit Notes Payable, $3,000.00; credit Cash, $3,000.00.

debit Notes Payable, $3,150.00; credit Cash, $3,150.00.

The Store Equipment account has a balance of $22,000. The equipment has a useful life of 5 years and a salvage value of $2,000. At the end of the year, how is the adjusting entry for depreciation recorded on a multicolumn trial balance worksheet?

In the Adjustments columns, debit Depreciation Expense-Store Equipment, $4,000; credit Accumulated Depreciation-Store Equipment, $4,000.

In the Adjustments columns, debit Accumulated Depreciation-Store Equipment, $4,400; credit Depreciation Expense-Store Equipment, $4,400.

In the Adjustments columns, debit Depreciation Expense-Store Equipment, $4,400; credit Accumulated Depreciation-Store Equipment, $4,400.

In the Adjustments columns, debit Accumulated Depreciation-Store Equipment, $4,000; credit Depreciation Expense-Store Equipment, $4,000.

Blowing Rock Hardware paid First American Bank in full for a 180-day, 12%, interest-bearing note for $10,000. Using a 360-day year, the Blowing Rock journal entry for the payment of the note payable is:

debit Notes Payable, $10,000.00, Interest Expense, $600.00; credit Cash, $10,600.00.

debit Cash, $10,600.00; credit Notes Payable, $10,600.00.

debit Cash, $10,600.00; credit Notes Payable, $10,000.00, Interest Expense, $600.00.

debit Notes Payable, $10,600.00; credit Interest Expense, $600.00, Cash, $10,000.00.

Maple Tree Candy Factory estimates its uncollectible accounts expense for the year to be $800. The correct entry to record the estimated uncollectible accounts expense is:

debit Uncollectible Accounts Expense, $800; credit Allowance for Uncollectible Accounts, $800.

debit Uncollectible Accounts Expense, $800; credit Accounts Receivable, $800.

debit Accounts Receivable, $800; credit Uncollectible Accounts Expense, $800.

debit Allowance for Uncollectible Accounts, $800; credit Uncollectible Accounts Expense, $800.

Sports Unlimited of America granted an extension of time for the account payable of Boone Sports Cars for a one-year, 6%, $35,000 note. Using a 360-day year, the journal entry for Boone Sports Cars to record the payment of the note payable is:

debit Notes Payable, $35,000, Interest Expense, $2,100; credit Cash, $37,100.

debit Cash, $37,100; credit Notes Payable, $37,100.

debit Cash, $37,100; credit Notes Payable, $35,000, Interest Expense, $2,100.

debit Notes Payable, $37,100; credit Interest Expense, $2,100, Cash, $35,000.

Burger Boy Diner has depreciation expense of $800 at the end of the fiscal year. The journal entry for depreciation expense is:

debit Depreciation Expense, $800; credit Accumulated Depreciation, $800

debit Accumulated Depreciation, $800; credit Depreciation Expense, $800

debit Depreciation Expense, $800; credit Equipment, $800

debit Equipment, $800; credit Accumulated Depreciation, $800

Accounting 6.0 Test Review

Authored by Diane Coffing

Business

9th - 12th Grade

Used 4+ times

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35 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Creative Art Supplies purchased a paint display case on March 1, 2019, for $1,350. The estimated salvage (disposal) value is $150 and the estimated useful life is five years. What is the depreciation expense for 2019?

$180

$200

$220

$225

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

On Your Mark Writing Supplies received a check for $225.00 from Pen & Paper, whose account was previously written off. On Your Mark Writing Supplies uses the Allowance Method for uncollectible accounts. The correct entry to re-open the account for Pen & Paper is:

debit Accounts Receivable/Pen & Paper, $225.00; credit Allowance for Uncollectible Accounts, $225.00.

debit Accounts Receivable/Pen & Paper, $225.00; credit Uncollectible Accounts Expense, $225.00.

debit Uncollectible Accounts Expense, $225.00; credit Accounts Receivable/Pen & Paper, $225.00.

debit Uncollectible Accounts Expense, $225.00; credit Allowance for Uncollectible Accounts, $225.00.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Of the current year's sales, $2,100 will eventually be uncollectible. The Allowance for Uncollectible Accounts balance is $350. The journal entry for recording the adjustment for uncollectible accounts, based on the percent of sales method, is:

debit Uncollectible Accounts Expense, $1,750; credit Allowance for Uncollectible Accounts, $1,750.

debit Uncollectible Accounts Expense, $2,100; credit Allowance for Uncollectible Accounts, $2,100.

debit Allowance for Uncollectible Accounts, $1,750; credit Uncollectible Accounts Expense, $1,750.

debit Allowance for Uncollectible Accounts, $2,100; credit Uncollectible Accounts Expense, $2,100.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Steve’s Auto Parts purchased a cash register on January 1, 20XX for $2,500. The estimated salvage (disposal) value is $100, and the estimated useful life is 10 years. What is the annual depreciation expense?

$100

$125

$240

$250

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Steve’s Auto Shop uses the direct write-off method when handling uncollectible accounts receivable. John Taylor owes $375 on account. Steve’s Auto Shop has determined this account to be uncollectible. The correct entry for writing off this account is:

debit Accounts Receivable/John Taylor, $375; credit Uncollectible Accounts Expense, $375.

debit Accounts Receivable/John Taylor, $375; credit Allowance for Uncollectible Accounts, $375.

debit Uncollectible Accounts Expense, $375; credit Accounts Receivable/John Taylor, $375.

debit Uncollectible Accounts Expense, $375; credit Allowance for Uncollectible Accounts, $375.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Western Textile Company estimates uncollectible accounts expense by calculating a percentage of total sales on account. Total sales on account for the year are $5,275,000.00. In the past, actual uncollectible accounts expense has been about 1% of total sales on account. What is the estimated uncollectible accounts expense for the year?

$52.75

$527.50

$5,275.00

$52,750.00

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Grandfather Tours signed a $12,000, 180-day note at 9% on March 1. Grandfather Tours uses a 360-day year. Using this information, what is the maturity date of the note payable?

August 27

August 28

August 29

August 30

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Accounting 6.0 Test Review

Creative Art Supplies purchased a paint display case on March 1, 2019, for $1,350. The estimated salvage (disposal) value is $150 and the estimated useful life is five years. What is the depreciation expense for 2019?

On Your Mark Writing Supplies received a check for $225.00 from Pen & Paper, whose account was previously written off. On Your Mark Writing Supplies uses the Allowance Method for uncollectible accounts. The correct entry to re-open the account for Pen & Paper is:

Of the current year's sales, $2,100 will eventually be uncollectible. The Allowance for Uncollectible Accounts balance is $350. The journal entry for recording the adjustment for uncollectible accounts, based on the percent of sales method, is:

Steve’s Auto Parts purchased a cash register on January 1, 20XX for $2,500. The estimated salvage (disposal) value is $100, and the estimated useful life is 10 years. What is the annual depreciation expense?

Steve’s Auto Shop uses the direct write-off method when handling uncollectible accounts receivable. John Taylor owes $375 on account. Steve’s Auto Shop has determined this account to be uncollectible. The correct entry for writing off this account is:

Grandfather Tours signed a $12,000, 180-day note at 9% on March 1. Grandfather Tours uses a 360-day year. Using this information, what is the maturity date of the note payable?

Western Textile Company estimates its uncollectible accounts expense for the year to be $3,575. The correct entry to record the estimated uncollectible accounts expense is:

High Country Apparel signed a $75,000, two-year, interest-bearing, 5% note on October 1, 20XX. The maturity value of the note is:

Sports Warehouse received a payment in the amount of $697.50 for a note receivable. Interest on the note receivable was $47.50. The journal entry to record the receipt of payment of the note receivable is:

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