Reference no: EM1310351
1. Collections of accounts receivable that previously have been written off are credited to:
A.a gain account
B.accounts receivable
C.bad debts expense
D.retained earnings
2.Which of the following do not change the balance in Accounts receivable?
A.Returns on credit sales
B.Collections from customer accounts
C.Bad debts expense adjustment
D.Write-offs
The following facts relate to Questions 3 through 7
3.On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross method of accounting for cash discounts. What is the correct entry for Flores on November 10?
A.
|
Accounts receivable
|
7,840
|
|
|
Sales
|
|
7,840
|
B.
|
Accounts receivable
|
8,000
|
|
|
Sales
|
|
8,000
|
C.
|
Accounts receivable
|
7,840
|
|
|
Cash discounts
|
160
|
|
|
Sales
|
|
8,000
|
D.
|
Accounts receivable
|
8,000
|
|
|
Cash discounts
|
|
160
|
|
Sales
|
|
7,840
|
4.On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross method of accounting for cash discounts. What is the correct entry for Flores on November 17, assuming the correct payment was received on that date?
A.
|
Cash
|
7,840
|
|
|
Accounts receivable
|
|
7,840
|
B.
|
Cash
|
7,840
|
|
|
Sales discounts
|
160
|
|
|
Accounts receivable
|
|
8,000
|
C.
|
Cash
|
7,840
|
|
|
Sales
|
160
|
|
|
Accounts receivable
|
|
8,000
|
D.
|
Cash
|
8,000
|
|
|
Sales discounts
|
160
|
|
|
Accounts receivable
|
|
8,000
|
|
Sales
|
|
160
|
5. On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the gross method of accounting for cash discounts. What is the correct entry for Flores on December 5, assuming the correct payment was received on that date?
A.
|
Cash
|
8,000
|
|
|
Accounts receivable
|
|
7,840
|
|
Discounts revenue
|
|
160
|
B.
|
Cash
|
8,000
|
|
|
Accounts receivable
|
|
7,840
|
|
Interest revenue
|
|
160
|
C.
|
Cash
|
8,160
|
|
|
Accounts receivable
|
|
8,000
|
|
Interest revenue
|
|
160
|
D.
|
Cash
|
8,000
|
|
|
Accounts receivable
|
|
8,000
|
6. On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. What entry would Flores make on November 17, assuming the correct payment was received on that date if the net method of accounting for cash discounts had been used instead?
A.
|
Cash
|
7,840
|
|
|
Accounts receivable
|
|
7,840
|
B.
|
Cash
|
7,840
|
|
|
Sales discounts
|
160
|
|
|
Accounts receivable
|
|
8,000
|
C.
|
Cash
|
7,840
|
|
|
Sales
|
160
|
|
|
Accounts receivable
|
|
8,000
|
D.
|
Cash
|
8,000
|
|
|
Sales discounts
|
160
|
|
|
Accounts receivable
|
|
8,000
|
|
Sales
|
|
160
|
7. On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. What entry would Flores make on December 10, assuming the correct payment was received on that date if the net method of accounting for cash discounts was used instead?
A.
|
Cash
|
8,000
|
|
|
Accounts receivable
|
|
7,840
|
|
Discounts revenue
|
|
160
|
B.
|
Cash
|
8,000
|
|
|
Accounts receivable
|
|
7,840
|
|
Interest revenue
|
|
160
|
C.
|
Cash
|
8,160
|
|
|
Accounts receivable
|
|
8,000
|
|
Interest revenue
|
|
160
|
D.
|
Cash
|
8,000
|
|
|
Accounts receivable
|
|
8,000
|
|
Recognition of the problem by the hsbc
: What problem did the HSBC face in this case? What people, technology, and the organization factors were responsible for problem? Did HSBC management correctly recognize the problem?
|
|
Describing human development
: Several theories attempt to describe human development.
|
|
Find out the fundamental frequency
: A 1260 kg is pulling a 335 kg trailer. Together the car and trailer have the acceleration of 2.15 m/s squared. Find out the net force on the car-trailer combination.
|
|
Financial reporting and tax purposes
: Maine Company reported a pretax operating loss of $150,000 for financial reporting and tax purposes in 2012. The enacted tax rate is 40% for 2012 and subsequent years.
|
|
Change the balance in accounts receivable
: Collections of accounts receivable that previously have been written off and Which of the following do not change the balance in Accounts receivable
|
|
What is the mass of the heaviest person
: You are trying to overhear a juicy conversation, but from your distance of 15m. It sounds like only an average whisper of 20 dB. So you decide to move closer to give the conversation a sound level of 60 dB instead. How close must you come.
|
|
Human development means childhood development
: Most of the people think that human development means childhood development from birth to adolescence.
|
|
Income statement of ohio corp
: Ohio Corp. reported a deferred tax liability of $6,000,000 for the year ended December 31, 2012, when the tax rate was 40%. Income tax expense reported by Ohio on its year end December 31, 2013 income statement is:
|
|
Programmingto compute the volume of water in the cubic feet
: Write down an algorithm (Programming in C) in order to compute the volume of water in the cubic feet, flowing through a pipe of diameter d in feet, having a velocity of v feet per second.
|