A promissory note received from a customer in exchange for

Reference no: EM13482608

1) A credit sale of $3,275 to a customer would result in:

a) a debit to the accounts receivable account in the general ledgerand a debit to the customer's account in the accounts receivablesubsidiary ledger.
b) a credit to the accounts receivable account in the generalledger and a credit to the customer's account in the accountsreceivable subsidiary ledger.
c) a debit to the accounts receivable account in the general ledgerand a credit to the customer's account in the accounts receivablesubsidiary ledger.
d) a credit to sales and a credit to the customer's account in theaccounts receivable subsidiary ledger.

2) Credit card expense may be classified as:

a) a "discount" deducted from sales to get net sales
b) a selling expense
c) an administrative expense
d) all of these
e) only a and b

3) A promissory note received from a customer in exchange for an account receivable:

a) is a cash equivalent for the recipient
b) is an account receivable for the recipient
c) is a note receivable for the recipient
d) is a short-term investment for the recipient
e) is a note payable for the recipient

4) The person who signs a note receivable and promises to pay the principal and interest is the:

a) maker
b) payee
c) holder
d) receiver
e) owner

5) The accounting principle that requires financial statements(including notes) to report all relevant information about theoperations and financial condition of a company is called:

a) relevance
b) full disclosure
c) evaluation
d) materiality
e) matching

Reference no: EM13482608

Questions Cloud

Compute the volume in units and the dollar sales level : scholes systems supplies a particular type of office chair to large retailers such as target costco and office max.

A company receives a 10 90-day note for 1500 the total : 1 the interest accrued on a 6500 at 6 for 60 days isa 36b 42c 65d 180e 4202 a 90-day note issued on april 10 matures

For each of the following 5 conditions insert the : for each of the following 5 conditions insert the appropriate number into each blank to indicate the type of adjusting

Lance lawn services reports warranty expense by estimating : lance lawn services reports warranty expense by estimating the amount that eventually will be paid to satisfy

A promissory note received from a customer in exchange for : 1 a credit sale of 3275 to a customer would result ina a debit to the accounts receivable account in the general

Prepare a tabular analysis of the transactions using the : barones repair shop was started on may 1 by nancy barone. a summary of may transactions is presented below.1. invested

At december 31 2010 the estimated future costs to complete : turner inc. began work on a 7000000 contract in 2010 to construct an office builidng. during 2010 turner inc. incurred

500 lost units were 60 completeas to material and : 50 000 units were received from preceding department 9000units were still in process at the end of month complete

Holmes company has a factory machine with a book value of : holmes company has a factory machine with a book value of 89851 and a remaining useful life of 4 years. a new machine

User Account

All Pages