A) Bad Debt Expense
B) Accounts Receivable
C) Allowance for Doubtful Accounts
D) Notes Receivable
Correct Answer
verified
Multiple Choice
A) $5,125
B) $5,500
C) $6,500
D) $5,000
Correct Answer
verified
Multiple Choice
A) Castor's receivables turnover ratios were better than Bolster's for both years.
B) Bolster's receivables turnover ratios were better than Castor's for both years.
C) Castor has credit policies that need to be tightened.
D) Castor collected receivables more quickly than Bolster in both years.
Correct Answer
verified
Multiple Choice
A) Accounts Receivable and a credit to Allowance for Doubtful Accounts.
B) Bad Debt Expense and a credit to Allowance for Doubtful Accounts.
C) Allowance for Doubtful Accounts and a credit to Accounts Receivable.
D) Bad Debt Expense and a credit to Accounts Receivable.
Correct Answer
verified
Multiple Choice
A) is calculated as the average number of days from the time a sale is made on account to the time cash is collected.
B) is calculated as the average number of days from the time a sale is made on account to the time payment is due.
C) measures how many times a year receivables go uncollected.
D) measures how many times, on average, the process of selling and collecting is repeated during the period.
Correct Answer
verified
Essay
Correct Answer
verified
True/False
Correct Answer
verified
Multiple Choice
A) Debit Bad Debt Expense and credit Allowance for Doubtful Accounts
B) Debit Allowance for Bad Debt Expense and credit Bad Debt Expense
C) Debit Bad Debt Expense and credit Sales Revenue
D) Debit Bad Debt Expense and credit Accounts Receivable
Correct Answer
verified
Multiple Choice
A) expense recognition principle ("matching")
B) time period assumption
C) revenue recognition principle
D) separate entity assumption
Correct Answer
verified
Multiple Choice
A) $1,000 credit
B) $1,000 debit
C) $10,000 credit
D) $9,000 debit
Correct Answer
verified
Multiple Choice
A) $45,000
B) $120,000
C) $60,000
D) $90,000
Correct Answer
verified
Multiple Choice
A) Debit Bad Debt Expense and credit Accounts Receivable for $40,000
B) Debit Bad Debt Expense and credit Allowance for Doubtful Accounts for $28,800
C) Debit Bad Debt Expense and credit Allowance for Doubtful Accounts for $40,000
D) Debit Bad Debt Expense and credit Accounts Receivable for $28,800
Correct Answer
verified
Multiple Choice
A) debit to Allowance for Doubtful Accounts of $9,600
B) debit to Bad Debt Expense of $9,600
C) credit to Bad Debt Expense of $9,600
D) credit to Allowance for Doubtful Accounts of $9,600
Correct Answer
verified
Multiple Choice
A) cost principle
B) revenue recognition principle
C) sales method
D) expense recognition principle ("matching")
Correct Answer
verified
Multiple Choice
A) $62,000
B) $0
C) $55,000
D) $40,000
Correct Answer
verified
Multiple Choice
A) $7,500
B) $4,500
C) $4,000
D) $2,000
Correct Answer
verified
Multiple Choice
A) $4,500
B) $5,000
C) $7,000
D) $7,500
Correct Answer
verified
Multiple Choice
A) both net income and net accounts receivable.
B) net income and increases liabilities.
C) assets and increases liabilities.
D) both selling expenses and net income.
Correct Answer
verified
Multiple Choice
A) $10,050
B) $10,500
C) $22,050
D) $34,500
Correct Answer
verified
Multiple Choice
A) Debit of $95
B) Credit of $95
C) Debit of $50
D) Credit of $50
Correct Answer
verified
Showing 181 - 200 of 230
Related Exams