Chapter 8/Receivables✦96.When does an account become uncollectible?DIF:EasyOBJ:08-02NAT:AACSB Analytic | AICPA FN-Measurement
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.