Chapter 8/Receivables✦96.When does an account become uncollectible?DIF:EasyOBJ:08-02NAT:AACSB Analytic | AICPA FN-Measurement Show Get answer to your question and much more 7.The type of account and normal balance of Allowance for Doubtful Accounts isa.contra asset, creditb.asset, debitc.liability, creditd.expense, debite.expense, creditANS:ADIF:EasyOBJ:08-02NAT:AACSB Analytic | AICPA FN-Measurement 8.The two methods of accounting for uncollectible receivables are the allowance method andtheDIF:EasyOBJ:08-02 Get answer to your question and much more NAT:AACSB Analytic | AICPA FN-Measurement9.The direct write-off method of accounting for uncollectible accountsDIF:EasyOBJ:08-02NAT:AACSB Analytic | AICPA FN-Measurement Get answer to your question and much more 10.Under the direct write-off method of accounting for uncollectible accounts, Bad DebtsExpense is debitedDIF:EasyOBJ:08-02NAT:AACSB Analytic | AICPA FN-Measurement Get answer to your question and much more Get answer to your question and much more 29.Which of the following would probably be the most significant type of a claim held by acompany? Get answer to your question and much more 30.Dorman Company had the following items to report on its balance sheet:Employee advances$1,580Amounts owed by customers for the sale of services (due in 30 days)3,050Refundable income taxes1,120Interest receivable950Accepted a formal instrument of credit for services (due in 18 months)2,220A loan to company president8,000Dishonored a note for principal and interest which will eventually be collected1,380Based on this information, what amount should appear in the "Other Receivables"category? Get answer to your question and much more 31.Under the allowance method, Bad Debt Expense is recordeda.when an individual account is written off.b.when the loss amount is known.c.for an amount that the company estimates it will not collect.d.several times during the accounting period.  CHAPTER 9 ACCOUNTING FOR RECEIVABLES SUMMARY OF QUESTIONS BY STUDY OBJECTIVES AND BLOOM’S TAXONOMY Item SO BT Item SO BT Item SO BT Item SO BT Item SO BT True-False Statements 1. 1 K 9. 3 C17.3C 25.5K sg33. 3K 2. 1 C 10. 3 C 18.3 K 26.5 AP sg34. 4 C 3. 1 C 11. 3 C 19.3 K 27.5 K sg35. 5 K 4. 2 K 12. 3 K 20.4 K 28.5 K sg36. 8 K 5. 2 K 13. 3 K 21.4 K 29.9 K sg37. 9 K 6. 2 K 14. 3 K 22.4 K 30.9 K 7. 2 K 15. 3 C 23.4 C sg31.1 K 8. 3 C 16. 3 C 24.4 K sg32.3 K Multiple Choice Questions 38. 1 K 63. 3 K88.3C113.4K 138. 8 N 39. 1 K 64. 3 AP 89.3 C 114.4 K 139. 8 C 40. 1 K 65. 3 C 90.3 C 115.5 K 140. 9 K 41. 1 C 66. 3 C 91.3 C 116.5 AP 141. 9 K 42. 1 K 67. 3 K 92.3 C 117.5 AP 142. 9 AP 43. 1 K 68. 3 C 93.3 C 118.5 AP 143. 9 AP 44. 2 K 69. 3 K 94.3 C 119.5 AP 144. 9 AP 45. 2 K 70. 3 C 95.3 C 120.5 K 145. 9 AP 46. 2 K 71. 3 K 96.3 AP 121.5 K sg146. 1 K 47. 2 K 72. 3 K 97.3 AP 122.5 K sg147. 2 K 48. 2 C 73. 3 K 98.3 AP 123.5 C st148. 3 K 49. 2 C 74. 3 K 99.3 AP 124.5 AP sg149. 3 K 50. 2 AP 75. 3 C 100.3 AP 125.5 AP st150. 3 K 51. 2 C 76. 3 C 101.3 AP 126.5 AP sg151. 3 AP 52. 2 C 77. 3 C 102.3 AP 127.5 AP st152. 4 K 53. 2 AN 78. 3 K 103.4 C 128.5 AP sg153. 4 AP 54. 2 C 79. 3 C 104.4 AP 129.6 K st154. 5 K 55. 2 K 80. 3 C 105.4 C 130.6 K sg155. 5 AP 56. 2 AN 81. 3 C 106.4 K 131.6 C st156. 8 K 57. 2 C 82. 3 K 107.4 K 132.6 K sg157. 9 C 58. 2 AP 83. 3 K 108.4 K 133.6 AP st158. 9 K 59. 3 C 84. 3 AN109.4 K 134.6 K 60. 3 C 85. 3 K 110.4 K 135.7 K 61. 3 C 86. 3 K 111.4 C 136.7 C 62. 3 C 87. 3 C 112.4 AP 137.8 C Brief Exercises 159. 2 N 162. 3 N165.5,6 N168.8 N 160. 3 AN 163. 4 AP 166.5,8 AP 169.8 AN 161. 3 AN 164. 5 AP 167.6 AP 170.9 AN sg This question also appears in the Study Guide. st This question also appears in a self-test at the student companion website. What is classified as an other receivable?Definition: Other accounts receivable/ payable are financial assets consisting of trade credit and advances and other items due to be received or paid.
What is not a receivable?Non trade receivables are amounts due for payment to an entity other than its normal customer invoices for merchandise shipped or services performed.
Which of the following is not considered as a non trade receivable?Non-trade receivables do not include sales to customers. Non-trade receivables are amounts due from other parties which does not arise from the regular operations of the company such as selling of goods and services. Amounts due from sales to customers are classified as trade receivables.
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Which of the following receivables would not be classified as an other receivable?
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