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.

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

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, $$1,675; credit Interest Income, $$ 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.

Master Marketing received a payment on a note receivable in the amount of $$1,295. Interest on the note receivable was $$ 95. The journal entry to record the payment of the note receivable is:

C. debit Cash, $$1,295; credit Interest Income, $$ 95, Notes Receivable, $1,200.

A. debit Accounts Receivable, $$1,295; credit Cash, $$ 1,295.

B. debit Cash, $$1,295; credit Accounts Receivable, $$ 1,295.

D. debit Cash, $$1,200, Interest Expense, $$ 95; credit Accounts Receivable, $1,295.

Beach Bums Surf Shop signed a 90-day, 5%, interest-bearing note for $$3,000.00 with First National Bank. The Beach Bums Surf Shop journal entry for the issuance of the note payable is: A. debit Cash, $$ 3,037.50; credit Notes Payable, $$3,037.50. B. debit Cash, $$ 3,000.00; credit Notes Payable, $$3,000.00. C. debit Notes Payable, $$ 3,000.00; credit Cash, $$3,000.00. D. debit Notes Payable, $$ 3,150.00; credit Cash, $3,150.00.

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

Carson’s Shoe Store signed a 90-day, 10% note, interest-bearing for $5,000 with First National Bank. The Carson's Shoe Store journal entry for the issuance of the note payable is:

debit Cash, $$5,000; credit Notes Payable, $$ 5,000.

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

debit Notes Payable, $$5,000; credit Cash, $$ 5,000.

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

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.

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.

Carson Tyler has an overdue account in the amount of $415.50 with Mountain Oil Company. Mountain Oil Company agrees to accept a note receivable from Carson. The journal entry to record the acceptance of the note receivable is:

debit Notes Receivable, $$415.50; credit Accounts Receivable/Carson Tyler, $$ 415.50

debit Cash, $$415.50; credit Accounts Receivable/Carson Tyler, $$ 415.50

debit Accounts Receivable/Carson Tyler, $$415.50; credit Notes Receivable, $$ 415.50

debit Accounts Receivable/Carson Tyler, $$415.50; credit Cash, $$ 415.50

John's Jean Shop signed a 90-day, 12% note to Denim Warehouse for an extension of time on its account payable in the amount of $4,000. The correct entry for John's Jean Shop to record the note payable for an extension of time is:

A. debit Accounts Payable/Denim Warehouse, $$4,000; credit Notes Payable, $$ 4,000.

B. debit Notes Payable, $$4,000; credit Accounts Payable/Denim Warehouse, $$ 4,000.

C. debit Notes Payable, $$4,120; credit Accounts Payable/Denim Warehouse, $$ 4,120.

D. debit Accounts Payable/Denim Warehouse, $$4,120; credit Notes Payable, $$ 4,120.

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.

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

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

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.

Pet Food Wholesale estimates its uncollectible accounts expense for the year to be $1,500. The correct entry to record the estimated uncollectible accounts expense is:

A. debit Uncollectible Accounts Expense, $$1,500; credit Allowance for Uncollectible Accounts, $$ 1,500.

B. debit Uncollectible Accounts Expense, $$1,500; credit Accounts Receivable, $$ 1,500.

C. debit Accounts Receivable, $$1,500; credit Uncollectible Accounts Expense, $$ 1,500.

D. debit Allowance for Uncollectible Accounts, $$1,500; credit Uncollectible Accounts Expense, $$ 1,500.

Bright Lites Electrical Services uses the direct write-off method when handling uncollectible accounts receivable. Taylor Electricians owes $695 on account. Bright Lites Electrical Services determined this account to be uncollectible. The correct entry for writing off this account is:

C. debit Uncollectible Accounts Expense, $$695; credit Accounts Receivable/Taylor Electricians, $$ 695.

A. debit Accounts Receivable/Taylor Electricians, $$695; credit Allowance for Uncollectible Accounts, $$ 695.

B. debit Accounts Receivable/Taylor Electricians, $$695; credit Uncollectible Accounts Expense, $$ 695.

D. debit Uncollectible Accounts Expense, $$695; credit Allowance for Uncollectible Accounts, $$ 695.

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:

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

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

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

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

Kitchen Supply Warehouse uses the direct write-off method when handling uncollectible accounts receivable. Coffey's Diner owes $450 on account. Kitchen Supply Warehouse has determined this account to be uncollectible. The correct entry for writing off this account is:

debit Uncollectible Accounts Expense, $$450; credit Accounts Receivable/Coffey’s Diner, $$ 450

debit Uncollectible Accounts Expense, $$450; credit Allowance for Uncollectible Accounts, $$ 450

debit Accounts Receivable/Coffey’s Diner, $$450; credit Uncollectible Accounts Expense, $$ 450

debit Accounts Receivable/Coffey’s Diner, $$450; credit Allowance for Uncollectible Accounts, $$ 450

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:

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

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

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

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

The Sawyer Company estimates $1,500 of the current year's sales will eventually be uncollectible. The Allowance for Uncollectible Accounts balance is $200. The journal entry for recording the adjustment for uncollectible accounts is:

B. debit Uncollectible Accounts Expense, $$1,500; credit Allowance for Uncollectible Accounts, $$ 1,500.

A. debit Allowance for Uncollectible Accounts, $$1,500; credit Uncollectible Accounts Expense, $$ 1,500.

C. debit Allowance for Uncollectible Accounts, $$1,300; credit Uncollectible Accounts Expense, $$ 1,300.

D. debit Uncollectible Accounts Expense, $$1,300; credit Allowance for Uncollectible Accounts, $$ 1,300.

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:

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

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

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

C. 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.

Mitchell Building Supplies uses the direct write-off method when handling uncollectible accounts receivable. Lark Construction owes $1,200 on account. Mitchell Building Supplies has determined this account to be uncollectible. The correct entry for writing off this account is:

C. debit Uncollectible Accounts Expense, $$1,200; credit Accounts Receivable/Lark Construction, $$ 1,200.

A. debit Accounts Receivable/Lark Construction, $$1,200; credit Allowance for Uncollectible Accounts, $$ 1,200.

B. debit Accounts Receivable/Lark Construction, $$1,200; credit Uncollectible Accounts Expense, $$ 1,200.

D. debit Uncollectible Accounts Expense, $$1,200; credit Allowance for Uncollectible Accounts, $$ 1,200.

Pigskin Sports estimates its uncollectible accounts expense for the year to be $850. The correct entry to record the estimated uncollectible accounts expense is:

debit Uncollectible Accounts Expense, $$850; credit Allowance for Uncollectible Accounts, $$ 850.

debit Uncollectible Accounts Expense, $$850; credit Accounts Receivable, $$ 850.

debit Accounts Receivable, $$850; credit Uncollectible Accounts Expense, $$ 850.

debit Allowance for Uncollectible Accounts, $$850; credit Uncollectible Accounts Expense, $$ 850.

Mary Ann's Sewing Notions received a check for $75 from Cathy Martin, whose account was previously written off. Mary Ann's Sewing Notions uses the direct write-off method for uncollectible accounts. What is the correct entry to reopen the account for Cathy Martin?

debit Accounts Receivable/Cathy Martin, $$75; credit Uncollectible Accounts Expense, $$ 75

debit Uncollectible Accounts Expense, $$75; credit Accounts Receivable/Cathy Martin, $$ 75

debit Uncollectible Accounts Expense, $$75; credit Allowance for Uncollectible Accounts, $$ 75

debit Accounts Receivable/Cathy Martin, $$75; credit Allowance for Uncollectible Accounts, $$ 75

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:

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

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

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

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

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.

Creative Art Supplies has a depreciation expense of $950 at the end of the fiscal year. The entry to journalize the depreciation expense is:

debit Depreciation Expense, $$950; credit Accumulated Depreciation, $$ 950.

debit Accumulated Depreciation, $$950; credit Depreciation Expense, $$ 950.

debit Depreciation Expense, $$950; credit Equipment, $$ 950.

debit Equipment, $$950; credit Accumulated Depreciation, $$ 950.

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:

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

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

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

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

Steve's Auto Repair has depreciation expense of $3,500 at the end of the fiscal year. The entry to journalize the depreciation expense is:

debit Depreciation Expense, $$3,500; credit Accumulated Depreciation, $$ 3,500.

debit Accumulated Depreciation, $$3,500; credit Depreciation Expense, $$ 3,500.

debit Depreciation Expense, $$3,500; credit Equipment, $$ 3,500.

debit Equipment, $$3,500; credit Accumulated Depreciation, $$ 3,500.

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.

6.00 Study Guide

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6.00 Study Guide

Quiz

•

Business

•

10th Grade

•

Practice Problem

•

Hard

Shamika Archer

Used 2+ times

FREE Resource

60 questions

Show all answers

MULTIPLE CHOICE QUESTION

45 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?

A. August 27

B. August 28

C. August 29

D. August 30

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Sneakers Snack Shop signed a $80,000, 60-day, 7%, interest-bearing note on July 1. What is the maturity date of the note?

September 2

September 1

August 31

August 30

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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

$75,000.

$78,750.

$80,000.

$82,500.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Sneakers Snack Shop signed a $30,000.00, 90-day, 8%, interest-bearing note on August 1, 20XX. Using a 360-day year, the maturity value of the note is:

$30,400.00.

$30,591.78.

$30,600.00.

$32,400.00.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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:

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Mountain Business Services signed a $25,000.00 90-day note at 5% on May 1, 20XX. Mountain Business Services uses a 360-day year. What is the total amount of interest to be paid on this note?

$1,250.00

$312.50

$308.22

$125.00

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