The expense associated with the estimate of the amount of accounts receivable that may not be collected during the year is referred to as __________ ____________ expense
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1 pt
accounts receivable =
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notes receivable =
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Where is a note receivable reported in the balance sheet?
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What is considered receivable?
6. Fill in the Blank
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Accounts receivable should be classified as a __________ __________.
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Two entries are required when a previously written off account is paid. These two entries include:
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1 pt
A customer account that is not expected to be collected is referred to as a(n) _________ debt
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sales return =
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sales allowance =
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Payment for credit sales/sales on account are typically due in ____ to ____ days
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the formula for calculating interest on a note is =
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A trade discount =
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When 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?
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The financial statement effects of recording an allowance for estimated sales returns are that:
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Accounts receivable are normally classified in:
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The journal entry to record bad debt expense includes
18. Fill in the Blank
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The account sales returns and allowances account is a(n) ___________ __________ account and requires a ________ entry to increase the account
19. Open Ended
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A trade discount is a reduction from the list price which is used to
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The allowance method estimates:
21. Fill in the Blank
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A sales allowance _____ the amount owed by the customer for merchandise that is ______ by the customer
22. Fill in the Blank
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Bad debt expense is reported on the ___________ ____________ and classified as a(n) ___________ ___________.
23. Open Ended
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Compared to other methods of estimating accounts, the aging of accounts receivables method tends to...
24. Fill in the Blank
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A ___________ receivable typically yields interest revenue and possesses a fairly high probability of collectibility
25. Fill in the Blank
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A sales discount is a contra ________ account
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For a typical credit sale, the revenue recognition criteria is usually satisfied...
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Net revenues refer to...
28. Fill in the Blank
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A _________ balance before adjustment indicates that the estimate of uncollectible accounts at the beginning of the year may have been too high
29. Open Ended
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When an account previously written off is collected in full the entry to reinstate the account would require which of the following?
30. Open Ended
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What may be the result of extending payment periods?
31. Fill in the Blank
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1 pt
Notes receivable normally has a ________ balance because it is classified as a(n) ________.
32. Open Ended
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1 pt
When the direct write off method is used an entry for bad debt expense is required....
33. Fill in the Blank
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1 pt
Adjusting for estimates of future uncollectible accounts matches ____________ in the same period as the ____________ they help to generate