Question :
34. A data storage device listing each customer, along with : 1369996
34. A data storage device listing each customer, along with all the credit sales made to, as well as payments received on account from that customer is called a(n):
A)aging schedule
B)marketing survey
C)sales returns and allowances report
D)subsidiary accounts receivable ledger
35. On December 1, 2010, Commonwealth Industries received a $10,000 deposit from a customer for a special order of merchandise to be manufactured and shipped in February, 2011. Commonwealth made the following journal entry on December 1, 2010:
The financial statements dated December 31, 2010, would be:
A)correctly stated
B)in error, understating liabilities and overstating assets
C)in error, overstating net income and understating liabilities
D)in error, understating net income and understating stockholders’ equity
36. On December 31, 2010, Aurora Enterprises failed to make the necessary adjusting entry for estimated uncollectible accounts. This error would cause an:
A)understatement of net income and an understatement of liabilities
B)overstatement of net income and an understatement of liabilities
C)overstatement of net income and an overstatement of assets
D)understatement of assets and stockholders’ equity
37. Allowance for Doubtful Accounts had a beginning and ending balance of $3,500 and $4,600, respectively. If uncollectible accounts expense was $9,500 for the period, the total dollar amount of accounts written off during the period was:
A)$13,000
B)$8,400
C)$10,600
D)$ 9,500
38. Accounts receivable written off during the year totaled $61,500 while the beginning and ending balance of Allowance for Doubtful Accounts were $51,300 and $55,700, respectively. The amount of uncollectible accounts expense for the period was:
A)$57,100
B)$65,900
C)$61,500
D)cannot be determined from the information given
39. Uncollectible Accounts Expense and Allowance for Doubtful Accounts are shown on the:
A)balance sheet
B)income statement
C)balance sheet and income statement, respectively
D)income statement and balance sheet, respectively
40. Candle Corporation’s adjusted trial balance includes Allowance for Doubtful Accounts at $37,500, Uncollectible Accounts Expense at $18,700, Notes Receivable at $25,000, and Accounts Receivable at $136,800. Net accounts receivable amounts to:
A)$ 99,300
B)$118,000
C)$124,300
D)$143,000
41. Coast Starlight Company reported cash received from customers of $1,358,500 for the year ended June 30, 2010. Comparative balance sheets for June 30, 2009 and 2010, reported net accounts receivable balances of $85,600 and $79,300, respectively. Net sales reported on the income statement for the year ended June 30, 2010 were:
A)$1,279,200
B)$1,352,200
C)$1,364,800
D)$1,437,800
42. A transaction involving the receipt of a $10,000 retainer by an attorney’s prior to any works being performed on behalf of the client would:
A)decrease assets
B)increase liabilities
C)increase net income
D)decrease stockholders’ equity
43. A transaction involving the receipt of a $10,000 by a CPA prior to any works being performed on behalf of the client would:
A)decrease assets and increase liabilities
B)increase liabilities and increase assets
C)increase net income and increase assets
D)increase stockholders’ equity and increase assets
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