Quiz
Practice Test - UNIT #7
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Fragen in diesem Quiz (32)
1Hair Design Supply Company estimates uncollectible accounts expense by calculating a percentage of total sales on account. Total sales on account for the year are $1,200,000.00. In the past, actual uncollectible accounts expense has been about 2.0% of total sales on account. What is the estimated uncollectible accounts expense for the year?
- A$24,000.00
- B$24.00
- C$240.00
- D$2,400.00
2On Your Mark Writing Supplies estimates uncollectible accounts expense by calculating a percentage of total sales on account. Total sales on account for the year are $175,000.00. In the past, actual uncollectible accounts expense has been about 1.0% of total sales on account. What is the estimated uncollectible accounts expense for the year?
- A$17.50
- B$175.00
- C$1,750.00
- D$17,500.00
3Western Textile Company estimates uncollectible accounts expense by calculating a percentage of total sales on account. Total sales on account for the year are $5,275,000.00. In the past, actual uncollectible accounts expense has been about 1.0% of total sales on account. What is the estimated uncollectible accounts expense for the year?
- A$52.75
- B$527.50
- C$5,275.00
- D$52,750.00
4On Your Mark Writing Supplies received a check for $225.00 from Pen & Paper, whose account was previously written off. On Your Mark Writing Supplies uses the Allowance Method for uncollectible accounts. What is the correct entry to re-open the account for Pen & Paper?
- ADebit Accounts Receivable/ Pen & Paper, $225.00; Credit Allowance for Uncollectible Accounts, $225.00
- BDebit Accounts Receivable/ Pen & Paper, $225.00; Credit Uncollectible Accounts Expense, $225.00
- CDebit Uncollectible Accounts Expense, $225.00; Credit Accounts Receivable/ Pen & Paper, $225.00
- DDebit Uncollectible Accounts Expense, $225.00; Credit Allowance for Uncollectible Accounts, $225.00
5Steve's Auto Shop uses the direct write-off method when handling uncollectible accounts receivable. John Taylor owes $375.00 on account. Steve's Auto Shop determined this account to be uncollectible. Which is the correct entry for writing off this account?
- ADebit Accounts Receivable/John Taylor, $375.00; Credit Uncollectible Accounts Expense, $375.00
- BDebit Accounts Receivable/John Taylor, $375.00; Credit Allowance for Uncollectible Accounts, $375.00
- CDebit Uncollectible Accounts Expense, $375.00; Credit Accounts Receivable/John Taylor, $375.00
- DDebit Uncollectible Accounts Expense, $375.00; Credit Allowance for Uncollectible Accounts, $375.00
6Legal Eagles Law Firm uses the direct write-off method when handling uncollectible accounts receivable. Joe Coffey owes $250.00 on account. Legal Eagles Law Firm determined this account to be uncollectible. Which is the correct entry for writing off this account?
- ADebit Accounts Receivable/Joe Coffey, $250.00; Credit Allowance for Uncollectible Accounts, $250.00
- BDebit Accounts Receivable/Joe Coffey, $250.00; Credit Uncollectible Accounts Expense, $250.00
- CDebit Uncollectible Accounts Expense, $250.00; Credit Accounts Receivable/Joe Coffey, $250.00
- DDebit Uncollectible Accounts Expense, $250.00; Credit Allowance for Uncollectible Accounts, $250.00
7Workman Tools estimates its uncollectible accounts expense for the year to be $950.00. What is the correct entry to record the estimated uncollectible accounts expense?
- ADebit Uncollectible Accounts Expense, $950.00; credit Accounts Receivable, $950.00
- BDebit Uncollectible Accounts Expense, $950.00; credit Allowance for Uncollectible Accounts, $950.00
- CDebit Accounts Receivable, $950.00; credit Uncollectible Accounts Expense, $950.00
- DDebit Allowance for Uncollectible Accounts, $950.00; credit Uncollectible Accounts Expense, $950.00
8Hair Design Supply estimates its uncollectible accounts expense for the year to be $4,250.00. What is the correct entry to record the estimated uncollectible accounts expense?
- ADebit Uncollectible Accounts Expense, $4,250.00; credit Accounts Receivable, $4,250.00
- BDebit Uncollectible Accounts Expense, $4,250.00; credit Allowance for Uncollectible Accounts, $4,250.00
- CDebit Accounts Receivable, $4,250.00; credit Uncollectible Accounts Expense, $4,250.00
- DDebit Allowance for Uncollectible Accounts, $4,250.00; credit Uncollectible Accounts
Expense, $4,250.00
9Mother Goose Children's Clothing received a check for $125.00 from Little Angels, whose account was previously written off. Mother Goose Children's Clothing uses the Allowance Method for uncollectible accounts. What is the correct entry to re-open the account for Little Angels?
- ADebit Accounts Receivable/Little Angels, $125.00; credit Allowance for Uncollectible Accounts, $125.00
- BDebit Accounts Receivable/Little Angels, $125.00; credit Uncollectible Accounts Expense, $125.00
- CDebit Uncollectible Accounts Expense, $125.00; Credit Accounts Receivable/Little Angels, $125.00
- DDebit Uncollectible Accounts Expense, $125.00; credit Allowance for Uncollectible Accounts, $125.00
10Mitchell Building Supplies uses the direct write-off method when handling uncollectible accounts receivable. Lark Construction owes $1,200.00 on account. Mitchell Building Supplies determined this account to be uncollectible. Which is the correct entry for writing off this account?
- ADebit Accounts Receivable/Lark Construction, $1,200.00; credit Allowance for Uncollectible Accounts, $1,200.00
- BDebit Accounts Receivable/Lark Construction, $1,200.00; credit Uncollectible Accounts Expense, $1,200.00
- CDebit Uncollectible Accounts Expense, $1,200.00; credit Accounts Receivable/Lark Construction, $1,200.00
- DDebit Uncollectible Accounts Expense, $1,2000.00; credit Allowance for Uncollectible Accounts, $1,200.00
11Maple Tree Candy Factory estimates uncollectible accounts expense by calculating a percentage of total sales on account. Total sales on account for the year are $185,000.00. In the past, actual uncollectible accounts expense has been about 0.5% of total sales on account. What is the estimated uncollectible accounts expense for the year?
- A$9.25
- B$92.50
- C$925.00
- D$9,250.00
12Pet Food Wholesale estimates its uncollectible accounts expense for the year to be $1,500.00. What is the correct entry to record the estimated uncollectible accounts expense?
- ADebit Uncollectible Accounts Expense, $1,500.00; credit Accounts Receivable, $1,500.00
- BDebit Uncollectible Accounts Expense, $1,500.00; credit Allowance for Uncollectible Accounts, $1,500.00
- CDebit Accounts Receivable, $1,500.00; credit Uncollectible Accounts Expense, $1,500.00
- DDebit Allowance for Uncollectible Accounts, $1,500.00; credit Uncollectible Accounts Expense, $1,500.00
13Burger Boy Diner purchased a commercial oven on August 1, 2010 for $6,800.00. The estimated salvage (disposal) value is $500.00 and the estimated useful life is 7 years. What is the depreciation expense for 2010?
- A$375.00
- B$485.00
- C$525.00
- D$900.00
14Creative Art Supplies purchased a new display easel on January 1, 2010 for $850.00. The estimated salvage (disposal) value is $50.00 and the estimated useful life is 5 years. What is the annual depreciation expense?
- A$850.00
- B$170.0
- C$160.00
- D$50.00
15Burger Boy Diner purchased a commercial oven on January 1, 2009 for $5,800.00. The estimated salvage (disposal) value is $200.00 and the estimated useful life is 7 years. What is the annual straight-line depreciation expense?
- A$200.00
- B$400.00
- C$800.00
- D$828.50
16NC Office Supply purchased a heating system on September 1, 2010 for $18,500.00. The estimated salvage (disposal) value is $500.00 and the estimated useful life is 10 years. What is the depreciation expense for 2010?
- A$1,800.00
- B$1,200.00
- C$616.67
- D$600.00
17Steve's Auto Parts purchased a display case on January 1, 2009 for $3,400.00. The estimated salvage (disposal) value is $200.00 and the estimated useful life is 10 years. What is the accumulated straight-line depreciation at the end of 2011?
- A$320.00
- B$640.00
- C$680.00
- D$960.00
18Joe's Taxi Service purchased a new taxi on March 1, 2009 for $24,000.00. The estimated salvage (disposal) value is $3,000.00 and the estimated useful life is 3 years. What is the accumulated depreciation at the end of 2011?
- A$7,000.00
- B$19,833.33
- C$21,000.00
- D$24,000.00
19NC Office Supply purchased a heating system on September 1, 2009 for $18,500.00. The estimated salvage (disposal) value is $500.00 and the estimated useful life is 10 years. What is the accumulated depreciation at the end of 2011?
- A$1,800.00
- B$2,400.00
- C$4,200.00
- D$5,400.00
20Steve's Auto Repair has depreciation expense of $3,500.00 at the end of the fiscal year. What is the entry to journalize the depreciation expense?
- ADebit Accumulated Depreciation $3,500.00; Credit Depreciation Expense $3,500.00
- BDebit Depreciation Expense $3,500.00; Credit Accumulated Depreciation $3,500.00
- CDebit Depreciation Expense $3,500.00; Credit Equipment $3,500.00
- DDebit Equipment $3,500.00; Credit Accumulated Depreciation $3,500.00
21Michael's Soda Shoppe has depreciation expense of $1,250.00 at the end of the fiscal year. What is the entry to journalize the depreciation expense?
- ADebit Equipment $1,250.00; credit Accumulated Depreciation $1,250.00
- BDebit Depreciation Expense $1,250.00; credit Equipment $1,250.00
- CDebit Depreciation Expense $1,250.00; credit Accumulated Depreciation $1,250.00
- DDebit Accumulated Depreciation $1,250.00; credit Depreciation Expense $1,250.00
22NC Office Supply has depreciation expense of $7,525.00 at the end of the fiscal year. What is the entry to journalize the depreciation expense?
- ADebit Equipment $7,525.00; credit Accumulated Depreciation $7,525.00
- BDebit Depreciation Expense $7,525.00; credit Equipment $7,525.00
- CDebit Depreciation Expense $7,525.00; credit Accumulated Depreciation $7,525.00
- DDebit Accumulated Depreciation $7,525.00; credit Depreciation Expense $7,525.00
23Paul's Playscapes signed a $30,000, 60-day note at 5% on May 1, 2010. Paul's Playscapes uses a 360-day year.
Using the information given above, what is the maturity date of the note payable?- AJune 29, 2010
- BMay 30, 2010
- CMay 31, 2010
- DJune 30, 2010
24The Style Company signed a one-year, 10%, interest-bearing note for $10,000.00 with First American Bank. What is the journal entry for the issuance of the note payable?
- ADebit Cash $10,100.00; Credit Notes Payable $10,100.00
- BDebit Cash $10,000.00; Credit Notes Payable $10,000.00
- CDebit Notes Payable $10,000.00; Credit Cash $10,000.00
- DDebit Notes Payable $11,000.00; Credit Cash $11,000.00
25Sports Warehouse received a payment in the amount of $697.50 for a note receivable. Interest on the note receivable was $47.50. What is the journal entry to record the payment of the note receivable?
- ADebit Cash $697.50; Credit Accounts Receivable $697.50
- BDebit Accounts Receivable $697.50; Credit Cash $697.50
- CDebit Cash $697.50; Credit Interest Income $47.50; Credit Notes Receivable $650.00
- DDebit Cash $650.00; Debit Interest Expense $47.50; Credit Accounts Receivable $697.50
26High Country Apparel signed a $75,000, two-year, interest-bearing, 5% note on October 1, 2009. What is the maturity value of the note?
- A$82,500.00
- B$78,750.00
- C$75,750.00
- D$72,250.00
27Beach Bums Surf Shop signed a 90-day, 5%, interest-bearing note for $3,000.00 with First National Bank. What is the journal entry for the issuance of the note payable?
- ADebit Cash $3,037.50; credit Notes Payable $3,037.50
- BDebit Cash $3,000.00; credit Notes Payable $3,000.00
- CDebit Notes Payable $3,000.00; credit Cash $3,000.00
- DDebit Notes Payable $3,150.00; credit Cash $3,150.00
28Lighten Up Electrical Supply received a payment of a note receivable in the amount of $1,675.00. Interest on the note receivable was $75.00. What is the journal entry to record the payment of the note receivable?
- ADebit Cash $1,675.00; credit Accounts Receivable $1,675.00
- BDebit Accounts Receivable $1,675.00; credit Cash $1,675.00
- CDebit Cash $1,675.00; credit Interest Income $75.00; credit Notes Receivable $1,600.00
- DDebit Cash $1,600.00; debit Interest Expense $1275.00; credit Accounts Receivable $1,675.00
29Marty Smith dishonored a 180-day, 5% note for $5,000.00. What is the journal entry to record the dishonored note receivable?
- ADebit Notes Receivable $5,125.00; debit Interest Expense $125.00; credit Accounts Receivable/Marty Smith $5,125.00.
- BDebit Accounts Receivable/Marty Smith $5,000.00; credit Notes Receivable $5,000.00
- CDebit Accounts Receivable/Marty Smith $5,125.00; credit Interest Income $125.00; credit Notes Receivable $5,000.00
- DDebit Notes Receivable $5,125.00; credit Accounts Receivable/Marty Smith $5,125.00
30Wholesome Food Distributors granted an extension of time for the account payable of Moore Food Store for a 90-day, 8%, $10,000 note. Using a 360-day year, what is the journal entry for Moore Food Store to record the payment of the note payable?
- ADebit Cash $10,000.00; credit Notes Payable $10,000.00
- BDebit Notes Payable $10,000.00; debit Interest Expense $200.00; credit Cash $10,200.00
- CDebit Cash $10,200.00; credit Notes Payable $10,000.00; credit Interest Expense $200.00
- DDebit Notes Payable $10,200.00; credit Interest Expense $200.00; credit Cash $10,000.00
31Carson Tyler has an overdue account in the amount of $415.50 with Mountain Oil Company. Mountain Oil Company agrees to accept a note receivable from Carson. What is the journal entry to record the acceptance of the note receivable?
- ADebit Cash $415.50; credit Accounts Receivable/Carson Tyler $415.50
- BDebit Accounts Receivable/Carson Tyler $415.50; credit Notes Receivable $415.50
- CDebit Notes Receivable $415.50; credit Accounts Receivable/Carson Tyler $415.50
- DDebit Accounts Receivable/Carson Tyler $415.50; credit Cash $415.50
32Marty Smith dishonored a 180-day, 5% note for $5,000.00. What is the journal entry to record the dishonored note receivable?
- ADebit Notes Receivable $5,125.00; debit Interest Expense $125.00; credit Accounts Receivable/Marty Smith $5,125.00
- BDebit Accounts Receivable/Marty Smith $5,000.00; credit Notes Receivable $5,000.00
- CDebit Accounts Receivable/Marty Smith $5,125.00; credit Interest Income $125.00; credit Notes Receivable $5,000.00
- DDebit Notes Receivable $5,125.00; credit Accounts Receivable/Marty Smith $5,125.00
Informationen
- Beschreibung
- practice quiz for specialized accounting acitivites
- Autor
- Kathleen Keller
- Sprache
- English
- Aufrufe
- 157
- Verlauf
- Erstellt am 14 Nov 2017 · aktualisiert am 14 Nov 2017
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