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Type: Posts; User: lopezap1
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Aging of accts receivable method, the balance in
Allowance for uncollectible accounts prior to adjustment is ignored
Or
Accounts rec'able prior to adjustment must be considered
I still...
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Bank lends money to customer on six month note. The entry to record the issuance of the note is:
A - debit note rec'able and credit credit service rev
B - debit service rev and credit note rec'able...
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The balance in Accounts Receivable was $650,000 at the beginning of the year and $350,000 at the end of
The year. Sales for the year totaled $4,100,000. During the year, $400,000 in...
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Bigg and Talle Corporation uses the percent-of-sales method to estimate uncollectibles. Net credit
Sales for the current year amount to $5,000,000, and management estimates 2% will be...
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An aging-of-accounts-receivable method indicates that amount of uncollectible accounts is $7,200.
The Allowance for Uncollectible Accounts prior to adjustment has a debit balance of $2,000....
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Using the aging-of-receivables method to estimate uncollectibles, Avidity Corporation estimates that
$3,550 of its accounts receivable will be uncollectible. Prior to adjustment, the...
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A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the
Following:
1-30 days $40,000 1.5%
31-60 days $10,000 8.0%
61-90 days $6,000 22.0%
Amounts...
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A debit balance in the Allowance for Uncollectible Accounts:
A) cannot occur.
B) is the normal balance.
C) occurs when the actual bad debt write-offs are less that what was estimated.
D) occurs...
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I thought any answer that says to ignore - would be wrong.
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A) Allowance for Uncollectible Accounts prior to adjustment is ignored.
B) Accounts Receivable prior to adjustment must be considered.
C) Allowance for Uncollectible Accounts prior to adjustment...
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CC) accounts receivable less allowance for uncollectible accounts.
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Net accounts receivable is calculated as
A) sales less sales returns and allowances.
B) accounts receivable plus allowance for uncollectible accounts.
C) accounts receivable less allowance for...
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