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Accounting Expert Answers & Study Resources : Page 365

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21) Administrative Expenses include: A) Insurance Expense. B) Delivery Expense. C) Advertising Expense. D) None of the above are correct. 22) Other Income is used to: A) record payments from sales customers. B) record any revenue from activities other than sales. C) record all revenue. D) record owner investments. 23) Other Expense is used to record: A) selling expenses. B) administrative expenses. C).

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  • 21) Administrative Expenses include: A) Insurance Expense. B) Delivery Expense. C) Advertising Expense. D)
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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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31) Prepare general journal entries for Huckabee Corporation for the following transactions: 200x Dec. 1 Discounted its own $32,000, 60-day, 9% note at Colo Bank. 31 Accrued the interest expense on the discounted note. 200x Jan. 15 Paid the discounted note. Given the following accounts: [1]Cash [2]Notes receivable [3]Accounts receivable [4]Interest receivable [5]Notes payable [6]Accounts payable [7]Interest payable [8]Discount on notes payable [9] Interest expense [10]Interest.

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  • 31) Prepare general journal entries for Huckabee Corporation for the
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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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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 Column 4
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21) The journal entry for accrued interest on a note payable includes: A) debiting Interest Expense. B) debiting Accrued Interest Payable. C) crediting Interest Expense. D) debiting Accrued Interest Receivable. 22) Betty's Boutique discounts its own 120-day, 6%, $25,000 note payable at a bank. It records the proceeds as: A) debit Cash $24,500; debit Discounts on.

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  • 21) The journal entry for accrued interest a note payable
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29) Column 1 Column 2 Column 3 Salaries payable 30) Column 1 Column 2 Column 3 Salaries expense 31) Column 1 Column 2 Column 3 Purchases 32) Column 1 Column 2 Column 3 Purchase discounts 33) Column 1 Column 2 Column 3 Purchase returns and allowances 34) Column 1 Column 2 Column 3 Sales 35) Column 1 Column 2 Column 3 Sales returns and allowances 36) Column 1 Column 2 Column 3 Sales discounts 37) Column 1 Column 2 Column 3 Depreciation expense 38) Column 1 Column.

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  • 29) Column 1 Column 2 Column 3 Sala
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36) Column 1 Column 2 Column 3 Column 4 Interest payable 37) Column 1 Column 2 Column 3 Column 4 Interest receivable 38) Column 1 Column 2 Column 3 Column 4 Discount on notes payable 39) Column 1 Column 2 Column 3 Column 4 Store equipment 40) Column 1 Column 2 Column 3 Column 4 Interest expense .

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  • 36) Column 1 Column 2 Column 3 Column 4
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40) Column 1 Column 2 Column 3 Column 4 Sales 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 Debit       Credit Sales20 Sales Ret. and Allow.1 Income Summary56 Purchases14 Pur. Ret. and.

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  • 40) Column 1 Column 2 Column 3 Column 4
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57) The following accounts are on the Balance Sheet section of Great Lakes Camping worksheet for the month ended January 31, 200x. Required: Prepare a classified balance sheet. Account Balance Sheet Debit Balance Sheet Credit Cash 2 Accounts Receivable 14 Merchandise Inventory 12 Store Equipment 6 Accumulated Depreciation - Store Equipment 2 Accounts Payable 3 Mortgage Payable 16 Great Lakes, Capital 2 Additional information: Withdrawals for the period are $2,.

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  • 57) The following accounts the Balance Sheet section of Great
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  12.1   Learning Objective 12-1 1) The income statement is prepared from the: A) Post-Closing Trial Balance. B) worksheet. C) general journal. D) statement of owner's equity. 2) To determine how much merchandise was returned from a company's customers, the company should review the: A) Purchases Returns and Allowances Account. B) Purchases Discount Account. C) Sales Returns and Allowances Account. D).

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  •   12.1   Learning Objective 12-1 1) The income statement prepared from the: A)
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Given the following accounts: [1]Cash [2]Accounts receivable [3]Merchandise inventory [4]Supplies [5]Accounts payable [6]Sales [7]Sales returns and allowances [8]Sales discounts [9]Cost of goods sold [10]Purchases [11]Purchase returns and allowances [12]Purchase discounts [13]Freight-in Indicate the account(s) to be debited and credited to record the following transactions. 38) Purchased merchandise with credit terms of 2/10, n/30. - Perpetual Debit ________ & ________ Credit ________ & ________ 39) Purchased merchandise with.

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  • Given the following accounts: [1]Cash [2]Accounts receivable [3]Merchandise inventory [4]Supplies [5]Accounts payable [6]Sales [7]Sales
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33) Joe owns an auto parts store called Joe's Auto Care. The following transactions took place during November of the current year. November 7Purchased merchandise on account from Wheeler Auto for $4,300. November 9Paid freight charges of $230 on merchandise purchases on the 7th. November 11Sold merchandise on account to Lancaster Auto Sales.

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  • 33) Joe owns an auto parts store called Joe's Auto
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16) Column 1 Column 2 Column 3 Column 4 Accounts receivable 17) Column 1 Column 2 Column 3 Column 4 Allowance for doubtful accounts 18) Column 1 Column 2 Column 3 Column 4 Bad debts expense 19) Column 1 Column 2 Column 3 Column 4 Bad debts recovered Use the account code numbers to identify how the following transactions would be journalized. [1]Cash [2]Accounts.

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  • 16) Column 1 Column 2 Column 3 Column 4
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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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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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11) Freight-in is: A) a Cost of Selling Goods. B) a Cost of Purchasing Goods. C) recorded as an Operating Expense. D) recorded as an asset. 12) The calculation of Net Purchases does not include: A) Purchases Returns and Allowances. B) Purchases Discounts. C) Purchases. D) Freight-in. 13) Which of the following is not an operating expense? A) Payroll Tax Expense B).

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  • 11) Freight-in is: A) a Cost of Selling Goods. B) a Cost
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30) Column 1 Column 2 Column 3 Column 4 Accounts Payable 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. .

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  • 30) Column 1 Column 2 Column 3 Column 4
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