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Is d. correct

Asked Nov 28, 2011, 01:12 PM — 12 Answers
When a company receives an interest-bearing note receivable, it will

a. credit Notes Receivable for the face value of the note.

b. debit Notes Receivable for the maturity value of the note.

c. credit Notes Receivable for the maturity value of the note.

d. debit Notes Receivable for the face value of the note

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12 Answers
pready's Avatar
pready Posts: 2,662, Reputation: 887
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#2

Nov 28, 2011, 01:51 PM
You are correct.
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mroberge's Avatar
mroberge Posts: 16, Reputation: 10
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#3

Nov 28, 2011, 02:30 PM
Is b. correct?
Which of the following receivables would not be classified as an "other receivable"?

a. Interest receivable

b. Notes receivable

c. Refundable income tax

d. Advance to an employee
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pready's Avatar
pready Posts: 2,662, Reputation: 887
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#4

Nov 28, 2011, 02:34 PM
You are correct.
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mroberge's Avatar
mroberge Posts: 16, Reputation: 10
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#5

Nov 28, 2011, 02:41 PM
Is C. correct
Two methods of accounting for uncollectible accounts are the

a. allowance method and the accrual method.

b. allowance method and the net realizable method.

c. direct write-off method and the allowance method.
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mroberge's Avatar
mroberge Posts: 16, Reputation: 10
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#6

Nov 28, 2011, 02:42 PM
Is a. correct
One of the weaknesses of the direct write-off method is that it
a. is based on estimates

b. is too difficult to use for many companies

c. understates accounts receivable on the balance sheet
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mroberge's Avatar
mroberge Posts: 16, Reputation: 10
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#7

Nov 28, 2011, 02:43 PM
Is c. correct
An aging of a company's accounts receivable indicates that the estimate of uncollectible accounts totals $4,000. If Allowance for Doubtful Accounts has a $1,200 debit balance, the adjustment to record the bad debt expense for the period will require a


a. credit to Allowance for Doubtful Accounts for $5,000.

b. debit to Bad Debt Expense for $4,000.

c. debit to Bad Debt Expense for $5,200.
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mroberge's Avatar
mroberge Posts: 16, Reputation: 10
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#8

Nov 28, 2011, 02:44 PM
Is b. correct
Allowance for Doubtful Accounts has a credit balance of $1,500 at the end of the year (before adjustment), and an analysis of customers' accounts indicates uncollectible receivables of $17,900. Which of the following entries records the proper adjustment for Bad Debt Expense?

a. debit Bad Debt Expense $19,400; credit Allowance for Doubtful Accounts, $19,400

b. debit Bad Debt Expense, $16,400; credit Allowance for Doubtful Accounts, $16,400

c. debit Allowance for Doubtful Accounts, $16,400; credit Bad Debt Expense, $16,400
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mroberge's Avatar
mroberge Posts: 16, Reputation: 10
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#9

Nov 28, 2011, 02:46 PM
Is b. correct
Allowance for Doubtful Accounts has a debit balance of $937 at the end of the year (before adjustment), and an analysis of accounts in the customers ledger indicates uncollectible receivables of $16,385. Which of the following entries records the proper adjusting entry for bad debt expense?

Select the correct answer.

debit Allowance for Doubtful Accounts, $16,385; credit Bad Debt Expense, $16,385

debit Bad Debt Expense, $17,322; credit Allowance for Doubtful Accounts, $17,322

debit Bad Debt Expense, $937; credit Allowance for Doubtful Accounts, $937
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mroberge's Avatar
mroberge Posts: 16, Reputation: 10
Junior Member
  
#10

Nov 28, 2011, 03:07 PM
Thank you
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