Home / Questions / Estimate uncollectible receivables 1) The Uncollectible Account Expense account is class
Estimate uncollectible receivables
1) The Uncollectible Account Expense account is classified:
A) as a contra-asset account
B) as part of cost of goods sold
C) as the cost to the seller of extending credit
D) deducted from Accounts Receivable account on the balance sheet
2) The two accepted methods of recording bad debts are the:
A) allowance method and the aging method
B) receivables method and the aging method
C) allowance method and the direct write-off method
D) direct write-off method and the percentage-of-sales method
3) What category of account is the Allowance for Uncollectible Accounts account?
A) contra-asset account
B) contra-revenue account
C) contra-expense account
D) expense account
4) Under the allowance method, the entry to record the bad debts estimate includes a:
A) debit to Accounts Receivable
B) credit to Accounts Receivable
C) debit to Allowance for Uncollectible Accounts
D) debit to Uncollectible-Account Expense
5) Under the direct write-off method, the entry to record the estimated bad debts:
A) is not done
B) includes a credit to Allowance for Uncollectible Accounts
C) includes a debit to Allowance for Uncollectible Accounts
D) includes a debit to Uncollectible-Account Expense
6) The account that shows the amount of accounts receivable that the business does not expect to collect is:
A) Allowance for Uncollectible Accounts
B) net Accounts Receivable
C) Sales Returns and Allowances
D) Sales Discounts
7) Net accounts receivable is calculated as:
A) sales less sales returns and allowances
B) accounts receivable less uncollectible-account expense
C) accounts receivable less allowance for uncollectible accounts
D) accounts receivable plus allowance for uncollectible accounts
8) Which of the following accounts is a contra-account to Accounts Receivable?
A) Sales Discounts
B) Sales Returns and Allowances
C) Allowance for Uncollectible Accounts
D) Uncollectible-Account Expense
9) Under the allowance method for estimating uncollectible accounts, the entry to write off an account:
A) reduces total assets
B) reduces net income
C) has no effect on total assets
D) increases net income
10) Under the allowance method for estimating uncollectible accounts, the entry to record the estimated bad debts:
A) increases total assets
B) reduces net income
C) has no effect on total assets
Dec 09 2019 Read more Less More
What are some of the major methodological problems that are unique to cross-cultural or cross-ethnic social work research. What strategies can be used to reduce or resolv...
Jul 23 2020Draw indifference curves that represent the following individuals" preferences for hamburgers and soft drinks. Indicate the direction in which the individuals" satisfacti...
May 02 2020Dr. Zhivago Diagnostics Corp.'s income statement for 20X1 is as follows: Sales Cost of goods sold Gross profit Selling and administrative expense Operating profit Interes...
Aug 16 2020Should you run avast! Antivirus, Malwarebytes Anti-Malware, and Malwarebytes Anti-Exploit together?
Apr 23 2020A unit tax isa.a tax in the form of a percentage of the value of the good taxedb.a fixed tax in the form of cents or dollars per unit of the goodc.a sales tax applied to ...
Feb 11 2020Consider two neighboring island countries called Arcadia and Felicidad They each have labor hours available per week that they can use to produce corn jeans or a combin...
Jan 30 2020The device in the sketch rotates about the vertical axis at ω = 1800 rev/min, and the angle locating the arms relative to the vertical is known to vary as θ = (π/3) sin (...
Jun 18 2020Assuming that the returns of small company stocks are normally distributed, what is the probability that small-company stocks will produce an annual return that is more t...
Apr 15 2020Alan is sure to tell his boss about every new client he gets for their firm, and he is sure to pass along any compliments he gets from those clients. Which impression str...
Jan 24 2020Ronald Roth started his new job as controller with Aerosystems today. Carole, the employee benefits clerk, gave Ronald a packet that contains information on the company's...
Aug 16 2020
Welcome to MyCourseHelp Services, World's leading Academic solutions provider with Millions of Happy Students.
