29 Jun 1. Margaret is a customer of Tammy Compa
Question
1. Margaret is a customer of Tammy Company. The company wrote off her account of $1,200 on August
15. On October 12, she sent in a payment of $560. What will Tammy Company record first to reinstate
her account?
A. Debit Allowance for Doubtful Accounts; credit Accounts Receivable/Margaret.
B. Debit Uncollectible Accounts Expense; credit Accounts Receivable/Margaret.
C. Debit Cash; credit Accounts Receivable/Margaret.
D. Debit Accounts Receivable/Margaret; credit Allowance for Doubtful Accounts.
2. Ryan Corporation made a basket purchase of three items. Item A was appraised at $35,000; item B was
appraised at $55,000; and item C was appraised at $60,000. The purchase price was $125,000. The
amount at which item B should be recorded is
A. ($55,000/$150,000) × $125,000.
B. ($55,000/$95,000) × $150,000.
C. ($55,000/$95,000) × $125,000.
D. ($55,000/$125,000) × $150,000.
3. A $400,000 issue of bonds that sold for $363,000 matures on August 1, 2015. The journal entry to
record the payment of the bond on the maturity date is
A. debit bonds payable, $400,000; credit cash, $400,000.
B. debit cash, $400,000; credit bonds payable, $400,000.
C. debit cash, $363,000; credit bonds payable, $363,000.
D. debit bonds payable, $363,000; credit cash, $363,000
4. By not accruing warranty expense,
A. reported liabilities will be overstated, and net income will be understated.
B. reported expenses will be overstated, and reported liabilities will be understated.
C. reported expenses will be understated, and net income will be understated.
D. reported liabilities will be understated, and net income will be overstated.
5. Which of the following would not be a liability according to FASB’s definition of a liability?
A. An obligation to provide goods or services in the future
B. The signing of a three-year employment contract at a fixed annual salary
C. An obligation that’s estimated in amount
D. A note payable with no specified maturity date
M
6. Jewell Company has current assets of $56,000; long-term assets of $135,000; current liabilities of
$44,000; and long-term liabilities of $90,000. Jewell Company’s debt ratio is
A. 70.2%.
B. 78.6%.
C. 127.3%.
D. 239.3%.
My answer:
7. Casey Company’s bank statement shows a bank balance of $43,267. The statement shows a bank
service charge of $50. Casey’s book balance shows outstanding checks of $5,288 and deposits in transit o
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