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ACC 100 Quiz Chapter 9

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ACC 100 Quiz Chapter 9 -

Multiple Choice Question 72

The allowance method of accounting for uncollectible accounts is required if

  • the company is a retailer.
  • bad debts are significant in amount.
  • the company charges interest on accounts receivable.
  • the company makes any credit sales.

 

Multiple Choice Question 164

The interest rate specified on any note is for a

  • year.
  • month.
  • week.
  • day.

 

Multiple Choice Question 166

The entry to record the dishonor of a note receivable assuming the payee expects eventual collection includes a debit to

  • Cash.
  • Allowance for Doubtful Accounts.
  • Accounts Receivable.
  • Notes Receivable.

 

Multiple Choice Question 43

The term "receivables" refers to

  • amounts due from individuals or companies.
  • merchandise to be collected from individuals or companies.
  • cash to be paid to creditors.
  • cash to be paid to debtors.

 

 

Multiple Choice Question 67

An alternative name for Bad Debt Expense is

  • Credit Loss Expense.
  • Deadbeat Expense.
  • Uncollectible Accounts Expense.
  • Collection Expense.

 

Multiple Choice Question 132

The maturity value of a $70,000, 8%, 3-month note receivable is

  • $71,400.
  • $70,467.
  • $70,560.
  • $75,600.

 

Solution

Multiple Choice Question 132

$70,000 + ($70,000 × .08 × 3/12) =

 

Multiple Choice Question 136

On January 15, 2014, Craig Company received a two-month, 9%, $9,000 note from William Pentel for the settlement of his open account. The entry by Craig Company on January 15, 2014 would include a:

  • credit of $9,135 to Accounts Receivable.
  • debit of $9,135 to Notes Receivable.
  • debit of $9,000 to Notes Receivable.
  • credit of $9,000 to Notes Receivable.

 

Multiple Choice Question 165

On February 1, Ville Company received a $6,000, 5%, four-month note receivable. The cash to be received by Ville Company when the note becomes due is

  • $6,000.
  • $100.
  • $6,100.
  • $6,300.

 

Solution

Multiple Choice Question 165

$6,000 + ($6,000 × .05 × 4/12) =

 

Multiple Choice Question 124

A 90-day note dated May 14 has a maturity date of

  • August 14.
  • August 15.
  • August 12.
  • August 13.

 

Solution

Multiple Choice Question 124

90 - (31 - 14) - 30 - 31 =

 

Multiple Choice Question 147

Randie Company lends Luann Company $10,000 on April 1, accepting a four-month, 6% interest note. Randie Company prepares financial statements on April 30. What adjusting entry should be made before the financial statements can be prepared?

  • Interest Receivable                200                  

Interest Revenue                                            200

  • Note Receivable                     10,000             

Cash                                       10,000

  • Interest Receivable                50                    

Interest Revenue                                            50

  • Cash               50                    

Interest Revenue                                            50

Solution

Multiple Choice Question 147

$10,000 × .06 × 1/12 =

 

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