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- 1. Fill in the BlankThe expense associated with the estimate of the amount of accounts receivable that may not be collected during the year is referred to as __________ ____________ expense
- 2. Open Endedaccounts receivable =
- 3. Open Endednotes receivable =
- 4. Open EndedWhere is a note receivable reported in the balance sheet?
- 5. Open EndedWhat is considered receivable?
- 6. Fill in the BlankAccounts receivable should be classified as a __________ __________.
- 7. Open EndedTwo entries are required when a previously written off account is paid. These two entries include:
- 8. Fill in the BlankA customer account that is not expected to be collected is referred to as a(n) _________ debt
- 9. Open Endedsales return =
- 10. Open Endedsales allowance =
- 11. Open EndedPayment for credit sales/sales on account are typically due in ____ to ____ days
- 12. Open Endedthe formula for calculating interest on a note is =
- 13. Open EndedA trade discount =
- 14. Open EndedWhen a company has earned interest in the current period but has not yet recorded the interest what type of adjustment is the company required to make?
- 15. Open EndedThe financial statement effects of recording an allowance for estimated sales returns are that:
- 16. Open EndedAccounts receivable are normally classified in:
- 17. Open EndedThe journal entry to record bad debt expense includes
- 18. Fill in the BlankThe account sales returns and allowances account is a(n) ___________ __________ account and requires a ________ entry to increase the account
- 19. Open EndedA trade discount is a reduction from the list price which is used to
- 20. Open EndedThe allowance method estimates:
- 21. Fill in the BlankA sales allowance _____ the amount owed by the customer for merchandise that is ______ by the customer
- 22. Fill in the BlankBad debt expense is reported on the ___________ ____________ and classified as a(n) ___________ ___________.
- 23. Open EndedCompared to other methods of estimating accounts, the aging of accounts receivables method tends to...
- 24. Fill in the BlankA ___________ receivable typically yields interest revenue and possesses a fairly high probability of collectibility
- 25. Fill in the BlankA sales discount is a contra ________ account
- 26. Open EndedFor a typical credit sale, the revenue recognition criteria is usually satisfied...
- 27. Open EndedNet revenues refer to...
- 28. Fill in the BlankA _________ balance before adjustment indicates that the estimate of uncollectible accounts at the beginning of the year may have been too high
- 29. Open EndedWhen an account previously written off is collected in full the entry to reinstate the account would require which of the following?
- 30. Open EndedWhat may be the result of extending payment periods?
- 31. Fill in the BlankNotes receivable normally has a ________ balance because it is classified as a(n) ________.
- 32. Open EndedWhen the direct write off method is used an entry for bad debt expense is required....
- 33. Fill in the BlankAdjusting for estimates of future uncollectible accounts matches ____________ in the same period as the ____________ they help to generate
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