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Accounting Expert Answers & Study Resources : Page 160

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32) Prepare the adjusting journal entry of Bad Debts Expense from the following information using the income statement approach. Net Sales for the year$475,000 Balance in the allowance account900 credit Estimated percentage of sales uncollectible2% Estimated uncollectible accounts-aging$2,500 33) Prepare the adjusting journal entry for Bad Debts Expense from the following information using the balance.

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  • 32) Prepare the adjusting journal entry of Bad Debts Expense
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41) Calculate the cost of goods sold under each of the following methods given the information below about purchases and sales during the year. Assume a periodic inventory system. April1 Beginning inventory20 units @ $30 11 Purchases70 units @ $32 21 Purchases50 units @ $35 Sales for April: 115 units a) ________ FIFO b) ________ LIFO c).

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  • 41) Calculate the cost of goods sold under each of
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31) Column 1 Column 2 Column 3 Column 4 Merchandise Inventory 32) Column 1 Column 2 Column 3 Column 4 Prepaid Insurance 33) Column 1 Column 2 Column 3 Column 4 Equipment 34) Column 1 Column 2 Column 3 Column 4 Accumulated Depr. Equip. 35) Column 1 Column 2 Column 3 Column 4 Wages Payable 36) Column 1 Column 2 Column 3 Column 4 Wages Expense 37) Column 1 Column 2 Column 3 Column 4 Purchases 38) Column 1 Column 2 Column 3 Column 4 Purchases Discounts 39) Column 1 Column.

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  • 31) Column 1 Column 2 Column 3
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41) Sold merchandise for cash. - Periodic 42) Returned merchandise inventory for credit - Periodic 43) Paid for merchandise after the discount period expired. - Perpetual 44) Paid for merchandise after the discount period expired. - Periodic 45) Sold merchandise on account. - Perpetual 46) Sold merchandise on account - Periodic 47) Customer returned goods -.

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  • 41) Sold merchandise for cash. - Periodic 42) Returned merchandise inventory
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41) Column 1 Column 2 Column 3 Column 4 Notes payable 42) Column 1 Column 2 Column 3 Column 4 Accounts payable 43) Column 1 Column 2 Column 3 Column 4 Interest income 44) Column 1 Column 2 Column 3 Column 4 Notes receivable 45) Column 1 Column 2 Column 3 Column 4 Accounts receivable 46) Column 1 Column 2.

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  • 41) Column 1 Column 2 Column 3
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12.3   Learning Objective 12-3 1) The post-closing trial balance contains: A) assets and liabilities. B) all accounts with balances. C) only permanent accounts. D) All of these answers are correct. 2) The post-closing trial balance is prepared from: A) the income statement columns on the worksheet. B) the balance sheet columns on the worksheet. C) the trial balance columns.

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  • 12.3   Learning Objective 12-3 1) The post-closing trial balance contains: A) assets
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13.3   Learning Objective 13-3 1) If the allowance method of accounting for uncollectible receivables is used, what general ledger account is credited to write off a customer's account as uncollectible? A) Bad Debts Expense B) Accounts Receivable C) Accounts Payable D) Bad Debts Recovered 2) If the allowance method of accounting for uncollectible receivables is used,.

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  • 13.3   Learning Objective 13-3 1) If the allowance method of accounting
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7) Budgeting for items such as equipment and furniture would be considered: A) capital expenses. B) capital expenditures. C) general expenses. D) general expenditures. 8) Some of the past depreciation is canceled in recording an extraordinary repair. 9) A capital expenditure is recorded in an asset account. 10) Define and compare capital expenditures and revenue expenditures. 11) Prepare.

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  • 7) Budgeting for items such as equipment and furniture would
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21) A company uses the allowance method and has determined a customer's bill for $2,000 must be written off. The journal entry to record the write off is: A) Allowance for Doubtful Accounts $2,000 Bad Debt Expense $2,000 B) Allowance for Doubtful Accounts $2,000 Accounts Receivable $2,000 C) Accounts Receivable $2,000 Allowance for Doubtful Accounts $2,000 D) Bad Debt Expense $2,000 Allowance for Doubtful Accounts $2,000 22).

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  • 21) A company uses the allowance method and has determined
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30) Prepare general journal entries for the Knapp Computers Company for the following transactions: Aug. 1 Received a $9,000, 60-day, 6% note from Barber's Accounting Service in settlement of its                             account. 31 Recorded the adjustment for interest. Sep. 30 Barber paid the note and interest at maturity. 31) Prepare general journal entries.

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  • 30) Prepare general journal entries for the Knapp Computers Company
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41) Column 1 Column 2 Column 3 Column 4 Sales Returns and Allowances 42) Column 1 Column 2 Column 3 Column 4 Sales Discounts 43) Column 1 Column 2 Column 3 Column 4 Depreciation Expense 44) Prepare the closing entries from the following information on the PC Pros Company worksheet income statement columns. Income Statement DebitCredit Sales20 Sales Ret. and Allow.1 Income Summary56 Purchases14 Pur. Ret. and Allow.2 Insurance Expense3 Office Salaries Expense1 45) Prepare.

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  • 41) Column 1 Column 2 Column 3
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11) Assets that are not expected to provide benefits for a number of accounting periods are called: A) current assets. B) fixed assets. C) long-term assets. D) property, plant, and equipment. 12) Tangible assets include: A) patents. B) cash. C) trademarks. D) copyrights. 13) Costs and assessments that should be charged to the land account include: A) streets. B) parks. C) flood prevention. D).

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  • 11) Assets that not expected to provide benefits for a
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37) Determine the amount of the adjustment for bad debts given: Bad debts are estimated to be 8% of sales Accounts receivable balance$ 370,000 Allowance for bad debts balance (debit)$900 Net Sales$200,000 $ ________ 38) Determine the amount of the adjustment for bad debts given: Bad debts are estimated to be 4% of sales Accounts receivable balance$ 600,000 Allowance.

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  • 37) Determine the amount of the adjustment for bad debts
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15.2   Learning Objective 15-2 1) Tracking individual inventory items is tracked in the: A) accounts receivable ledger. B) inventory ledger. C) accounts payable ledger. D) purchases journal. 2) An entry to record the payment to a vendor was correctly recorded and posted to the general ledger but was not posted to the subsidiary ledger. This error.

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  • 15.2   Learning Objective 15-2 1) Tracking individual inventory items tracked in
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13.5   Learning Objective 13-5 1) The two methods of accounting for uncollectible receivables are the direct write-off method and the: A) equity method. B) allowance method. C) interest method. D) cost method. 2) The two methods of accounting for uncollectible receivables are the allowance method and the: A) cost method. B) interest method. C) direct write-off method. D) equity method. 3).

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  • 13.5   Learning Objective 13-5 1) The two methods of accounting for
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