Question : 101. Teller purchased merchandise from TechCom October 17 of the current : 1225947

 

101. Teller purchased merchandise from TechCom on October 17 of the current year and TechCom accepted Teller’s $4,800, 90-day, 10% note. If the note is dishonored, what entry should TechCom make on January 15 of the next year? 

A. Debit Notes Receivable $4,800; debit Interest Receivable $120; credit Sales $4,920.

B. Debit Cash $4,920; credit Notes Receivable $4,920.

C. Debit Cash $4,920; credit Interest Revenue $100; credit Interest Receivable $20, credit Notes Receivable $4,800.

D. Debit Cash $4,920; credit Interest Revenue $20; credit Interest Receivable $100, credit Notes Receivable $4,800.

E. Debit Accounts Receivable $4,920; credit Interest Revenue $20; credit Interest Receivable $100, credit Notes Receivable $4,800.

102. MixRecording Studios purchased $7,800 in electronic components from TechCom. MixRecording Studios signed a 60-day, 10% promissory note for $7,800. If the note is dishonored, what is the amount due on the note? 

A. $130

B. $7,800

C. $7,930

D. $8,050

E. $8,130

103. The Allowance for Doubtful Accounts: 

A. Is a contra asset account.

B. Is used instead of reducing accounts receivable directly.

C. Is debited when uncollectible accounts are written off.

D. All of these.

E. Is credited when bad debts expense is estimated and recorded.

104. Hankco accepts all major bank credit cards, including Omni Bank’s, which assesses a 4% charge on sales for using its card. On June 28, Hankco had $3,500 in Omni Card credit sales. What entry should Hankco make on June 28 to record the deposit? 

A. Debit Cash $3,500; credit Sales $3,500.

B. Debit Accounts Receivable $3,500; credit Sales $3,500.

C. Debit Cash $3,640; credit Credit Card Expense $140; credit Sales $3,500.

D. Debit Cash $3,360; debit Credit Card Expense $140; credit Sales $3,500.

E. Debit Accounts Receivable $3,360; debit Credit Card Expense $140; credit Sales $3,500.

105. Calco accepts all major bank credit cards, including First Bank’s, which assesses a 3.5% charge on sales for using its card. On May 25, Calco had $4,800 in First Bank Card credit sales. What entry should Calco make on May 25 to record the deposit? 

A. Debit Accounts Receivable $4,800; credit Sales $4,800.

B. Debit Cash $4,632; debit Credit Card Expense $168; credit Sales $4,800.

C. Debit Cash $4,800; credit Sales $4,800.

D. Debit Cash $4,968; credit Credit Card Expense $168; credit Sales $4,800.

E. Debit Accounts Receivable $4,632; debit Credit Card Expense $168; credit Sales $4,800.

106. Darby uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $104,500, allowance for doubtful accounts of $665 (credit) and sales of $925,000. If uncollectible accounts are estimated to be 4% of accounts receivable, what is the amount of the bad debts expense adjusting entry? 

A. $4,845

B. $4,180

C. $3,515

D. $3,700

E. $3,850

107. Darby uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $104,500, allowance for doubtful accounts of $665 (credit) and sales of $925,000. If uncollectible accounts are estimated to be .5% of sales, what is the amount of the bad debts expense adjusting entry? 

A. $4,625

B. $3,960

C. $5,290

D. $4,750

E. $4,825

108. On August 9, Pierce Company receives a $8,500, 90-day, 8% note from customer Eric Simms as payment on his account. Compute the maturity date for the note. 

A. October 8

B. October 7

C. November 8

D. November 7

E. November 6

109. On August 9, Pierce Company receives a $8,500, 90-day, 8% note from customer Eric Simms as payment on his account. Compute the amount due at maturity for the note. 

A. $8,628

B. $8,192

C. $8,613

D. $8,500

E. $8,670

110. On August 9, Pierce Company receives a $8,500, 90-day, 8% note from customer Eric Simms as payment on his account. What entry should be made on August 9 to record receipt of the note? 

A. Debit Accounts Receivable $8,500; credit Sales $8,500.

B. Debit Notes Receivable $8,670; credit Sales $8,670.

C. Debit Notes Receivable $8,500; credit Accounts Receivable $8,500.

D. Debit Notes Receivable $8,500; credit Sales $8,500.

E. Debit Notes Receivable $8,725; credit Interest Revenue $225; credit Accounts Receivable $8,500.

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more