29 Jun Question 1. Victorino Company accepte
Question
1. Victorino Company accepted a credit card payment in exchange for $10,000 of services provided to a customer. The credit card company charges a 5% service charge. The collection of cash from the credit card company when it settles the account receivable balance will: (Points : 2)
increase assets by $9,500.
decrease assets and equity by $500.
increase assets by $10,000.
none of the above.
Question 2. 2. December 31, 2010, Landon Corporation estimated that 3% of its credit sales of $215,000 would be uncollectible. Landon used the allowance method for uncollectible accounts. February 15, 2011, Landon wrote off the account of one customer, in the amount of $2,500. April 7, 2011, the customer paid the account in full. Which of the following answers correctly shows the effect of the December 31, 2010 adjusting entry for uncollectible accounts on the financial statements of Landon Corporation?
Row Assets = Liab. + Equity Rev. – Exp. = Net Inc. Cash Flow
One (6,450) = 6,450 + NA NA – NA = NA NA
Two 6,450 = (6,450) + NA NA – NA = NA (6,450)OA
Three 6,450 = NA + 6,450 NA – (6,450) = 6,450 6,450 FA
Four (6,450) = NA + (6,450) NA – 6,450 = (6,450) NA
(Points : 2)
Row One
Row Two
Row Three
Row Four
Question 3. 3. On December 31, 2010, the Landon Corporation estimated that 3% of its credit sales of $215,000 would be uncollectible. Landon used the allowance method of accounting for uncollectible accounts. On February 15, 2011, Landon wrote off the account of one of its customers, in the amount of $2,500. On April 7, 2011, the customer paid the account in full.
Which of the following answers correctly states the effect of the reinstatement of the receivable on April 7, 2011?
Row Assets = Liabilities + Equity Revenue – Expenses = Net Inc. Cash
One (2,500) = 2,500 + NA NA – NA = NA (2,500) OA
Two 2,500 = NA + 2,500 2,500 – NA = 2,500 2,500 OA
Three NA = NA + NA NA – NA = NA NA
Four (2,500) = NA + (2,500) NA – 2,500 = (2,500) NA
(Points : 2)
Row One
Row Two
Row Three
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