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Question : 86. Gideon Company uses the allowance method of accounting for uncollectible : 1257980

Accounting

 

 

86. Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Gideon Company wrote off the $2,000 uncollectible account of its customer, A. Hopkins. On July 10, Gideon received a check for the full amount of $2,000 from Hopkins. On July 10, the entry or entries Gideon makes to record the recovery of the bad debt is:  

A.

Accounts Receivable—A. Hopkins

2,000

 

 

          Allowance for Doubtful Accounts

 

2,000

 

Cash

2,000

 

 

          Accounts Receivable—A. Hopkins

 

2,000

 

B.

Cash

2,000

 

 

          Bad debts expense

 

2,000

 

C.

Accounts Receivable—A. Hopkins

2,000

 

 

          Bad debts expense

 

2,000

 

Cash

2,000

 

 

          Accounts Receivable—A. Hopkins

 

2,000

 

D.

Allowance for Doubtful Accounts

2,000

 

 

          Accounts Receivable—A. Hopkins

 

2,000

 

Accounts Receivable—A. Hopkins

2,000

 

 

          Cash

 

2,000

 

E.

Cash

2,000

 

 

          Accounts Receivable—A. Hopkins

 

2,000

 

 

87. The allowance method based on the idea that a given percent of a company’s credit sales for the period is uncollectible is: A. The percent of sales method.B. The percent of accounts receivable method.C. The aging of accounts receivable method.D. Direct write-off method.E. Factoring method.

 

88. A method of estimating bad debts expense that involves a detailed examination of outstanding accounts and the length of time past due is the: A. Direct write-off method.B. Aging of accounts receivable method.C. Percentage of sales method.D. Aging of investments method.E. Percent of accounts receivable method.

89. Which of the following is an accounting procedure that (1) estimates and reports bad debts expense from credit sales during the period the sales are recorded, and (2) reports accounts receivable at the estimated amount of cash to be collected?A. Allowance method of accounting for bad debts.B. Aging of notes receivable.C. Adjustment method for uncollectible debts.D. Direct write-off method of accounting for bad debts.E. Cash basis method of accounting for bad debts.

 

 

90. On December 31 of the current year, the unadjusted trial balance of a company using the percent of receivables method to estimate bad debt included the following: Accounts Receivable, debit balance of $95,250; Allowance for Doubtful Accounts, credit balance of $921. What amount should be debited to Bad Debts Expense, assuming 6% of outstanding accounts receivable at the end of the current year will be uncollectible?A. $5,715.B. $6,636.C. $4,794.D. $5,770.E. $5,660.

 

 

91. A company ages its accounts receivables to determine its end of period adjustment for bad debts. At the end of the current year, management estimated that $15,750 of the accounts receivable balance would be uncollectible. Prior to any year-end adjustments, the Allowance for Doubtful Accounts had a debit balance of $375. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense? 

 

A.

Bad Debts Expense

15,750

 

 

          Allowance for Doubtful Accounts

 

15,750

 

B.

Bad Debts Expense

15,375

 

 

          Allowance for Doubtful Accounts

 

15,375

 

C.

Bad Debts Expense

16,125

 

 

          Allowance for Doubtful Accounts

 

16,125

 

D.

Accounts Receivable

15,750

 

 

Bad Debts Expense

375

 

 

          Sales

 

16,125

 

E.

Accounts Receivable

16,125

 

 

          Allowance for Doubtful Accounts

 

16,125

 

 

 

92. A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company’s unadjusted trial balance reported the following selected amounts:  

Accounts receivable…………………………………………..

$375,000 debit

Allowance for uncollectible accounts…………………..

500 debit

Net Sales………………………………………………………….                                                                        

800,000 credit

All sales are made on credit. Based on past experience, the company estimates that 0.6% of credit sales are uncollectible. What amount should be debited to Bad Debts Expense when the year-end adjusting entry is prepared? A. $1,275B. $1,775C. $4,500D. $4,800E. $5,500

 

 

93. A company uses the percent of sales method to determine its bad debts expense. At the end of the current year, the company’s unadjusted trial balance reported the following selected amounts:  

Accounts receivable…………………………………………

$375,000 debit

Allowance for uncollectible accounts…………………..

500 debit

Net Sales………………………………………………………                                                                        

800,000 credit

All sales are made on credit. Based on past experience, the company estimates 0.6% of credit sales to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense? A. Debit Bad Debts Expense $2,130; credit Allowance for Doubtful Accounts $2,130.B. Debit Bad Debts Expense $2,630; credit Allowance for Doubtful Accounts $2,630.C. Debit Bad Debts Expense $4,300; credit Allowance for Doubtful Accounts $4,300.D. Debit Bad Debts Expense $4,800; credit Allowance for Doubtful Accounts $4,800.E. Debit Bad Debts Expense $5,300; credit Allowance for Doubtful Accounts $5,300

 

 

94. A company has $90,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. Experience suggests that 4% of outstanding receivables are uncollectible. The current balance (before adjustments) in the allowance for doubtful accounts is an $800 debit. The journal entry to record the adjustment to the allowance account includes a debit to Bad Debts Expense for: A. $3,600B. $3,568C. $3,632D. $2,800E. $4,400

 

 

 

95. Jasper makes a $25,000, 90-day, 7% cash loan toClayborn Co.Jasper’s entry to record the transaction should be: A. Debit Notes Receivable for $25,000; credit Cash $25,000.B. Debit Accounts Receivable $25,000; credit Notes Receivable $25,000.C. Debit Cash $25,000; credit Notes Receivable for $25,000.D. Debit Notes Payable $25,000; credit Accounts Payable $25,000.E. Debit Notes Receivable $25,000; credit Sales $25,000.

 

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July 1, 2023
    

 

 

91. Accompanying the bank statement was a debit memo for bank service charges.  On the bank reconciliation, the item is  
A. a deduction from the balance per company's records
B. an addition to the balance per bank statement
C. a deduction from the balance per bank statement
D. an addition to the balance per company's records

 

92. Accompanying the bank statement was a debit memo for bank service charges.  What entry is required in the company's accounts? 
A. debit Miscellaneous Administrative Expense; credit Cash
B. debit Cash; credit Other Income
C. debit Cash; credit Accounts Payable
D. debit Accounts Payable; credit Cash

 

93. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.  This item would be included in the bank reconciliation as a(n)  
A. deduction from the balance per the company's records
B. addition to the balance per the bank statement
C. deduction from the balance per the bank statement
D. addition to the balance per the company's records

 

94. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? 
A. debit Accounts Payable; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Accounts Payable
D. debit Accounts Receivable; credit Cash

 

95. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  This item would be included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

96. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  What entry is required in the company's accounts? 
A. debit Sales; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Sales
D. debit Accounts Receivable; credit Cash

 

97. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company.  This item is a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

98. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer.  What entry is required in the company's accounts? 
A. debit Notes Receivable; credit Cash
B. debit Cash; credit Miscellaneous Income
C. debit Cash; credit Notes Receivable
D. debit Accounts Receivable; credit Cash

 

99. The amount of deposits in transit is included on the bank reconciliation as a(n)  
A. deduction from the balance per the company's books
B. deduction from the balance per bank statement
C. addition to the balance per bank statement
D. addition to the balance per company books

 

100. The amount of the outstanding checks is included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

 

default image
July 1, 2023
    

 

 

91. Accompanying the bank statement was a debit memo for bank service charges.  On the bank reconciliation, the item is  
A. a deduction from the balance per company's records
B. an addition to the balance per bank statement
C. a deduction from the balance per bank statement
D. an addition to the balance per company's records

 

92. Accompanying the bank statement was a debit memo for bank service charges.  What entry is required in the company's accounts? 
A. debit Miscellaneous Administrative Expense; credit Cash
B. debit Cash; credit Other Income
C. debit Cash; credit Accounts Payable
D. debit Accounts Payable; credit Cash

 

93. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.  This item would be included in the bank reconciliation as a(n)  
A. deduction from the balance per the company's records
B. addition to the balance per the bank statement
C. deduction from the balance per the bank statement
D. addition to the balance per the company's records

 

94. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? 
A. debit Accounts Payable; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Accounts Payable
D. debit Accounts Receivable; credit Cash

 

95. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  This item would be included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

96. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  What entry is required in the company's accounts? 
A. debit Sales; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Sales
D. debit Accounts Receivable; credit Cash

 

97. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company.  This item is a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

98. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer.  What entry is required in the company's accounts? 
A. debit Notes Receivable; credit Cash
B. debit Cash; credit Miscellaneous Income
C. debit Cash; credit Notes Receivable
D. debit Accounts Receivable; credit Cash

 

99. The amount of deposits in transit is included on the bank reconciliation as a(n)  
A. deduction from the balance per the company's books
B. deduction from the balance per bank statement
C. addition to the balance per bank statement
D. addition to the balance per company books

 

100. The amount of the outstanding checks is included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

 

default image
July 1, 2023
    

 

 

91. Accompanying the bank statement was a debit memo for bank service charges.  On the bank reconciliation, the item is  
A. a deduction from the balance per company's records
B. an addition to the balance per bank statement
C. a deduction from the balance per bank statement
D. an addition to the balance per company's records

 

92. Accompanying the bank statement was a debit memo for bank service charges.  What entry is required in the company's accounts? 
A. debit Miscellaneous Administrative Expense; credit Cash
B. debit Cash; credit Other Income
C. debit Cash; credit Accounts Payable
D. debit Accounts Payable; credit Cash

 

93. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695.  This item would be included in the bank reconciliation as a(n)  
A. deduction from the balance per the company's records
B. addition to the balance per the bank statement
C. deduction from the balance per the bank statement
D. addition to the balance per the company's records

 

94. A check drawn by a company in payment of a voucher for $965 was recorded in the journal as $695. What entry is required in the company's accounts? 
A. debit Accounts Payable; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Accounts Payable
D. debit Accounts Receivable; credit Cash

 

95. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  This item would be included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

96. Receipts from cash sales of $3,200 were recorded incorrectly in the cash receipts journal as $2,300.  What entry is required in the company's accounts? 
A. debit Sales; credit Cash
B. debit Cash; credit Accounts Receivable
C. debit Cash; credit Sales
D. debit Accounts Receivable; credit Cash

 

97. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the company.  This item is a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

98. Accompanying the bank statement was a credit memo for a short-term note collected by the bank for the customer.  What entry is required in the company's accounts? 
A. debit Notes Receivable; credit Cash
B. debit Cash; credit Miscellaneous Income
C. debit Cash; credit Notes Receivable
D. debit Accounts Receivable; credit Cash

 

99. The amount of deposits in transit is included on the bank reconciliation as a(n)  
A. deduction from the balance per the company's books
B. deduction from the balance per bank statement
C. addition to the balance per bank statement
D. addition to the balance per company books

 

100. The amount of the outstanding checks is included on the bank reconciliation as a(n)  
A. deduction from the balance per company's records
B. addition to the balance per bank statement
C. deduction from the balance per bank statement
D. addition to the balance per company's records

 

 

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