29 Jun Question 1. One example of a contra-asset is:
Question
1. One example of a contra-asset is:
A. Sales Discount
B. Sales Returns and Allowances
C. Uncollectible Accounts Expense
D. None of the above are contra assets
2. The journal entry to record a sales return made by a customer would include:
A. A debit to Accounts Receivable and a credit to Sales Returns
B. A debit to Cash and Sales Returns
C. A debit to Sales Returns and a credit to Accounts Receivable
D. A debit to Accounts Receivable and a credit to Cash
3. Accounts receivable written off during the year totaled $61,500 while the beginning and ending balance of Allowance for Doubtful Accounts were $51,300 and $55,700, respectively. The amount of uncollectible accounts expense for the period was:
A. $57,100
B. $65,900
C. $61,500
D. Cannot be determined from the information given
4. Cady, Inc., had beginning and ending accounts receivable balances of $35,000 and 32,000, respectively. During the period, $100,000 was collected from credit customers. What was the amount of credit sales during the period?
A. $135,000
B. $132,000
C. $100,000
D. $97,000
5. In times of rising prices, ______ generally result(s) in the ______ ending inventory.
A. LIFO and FIFO, same
B. LIFO, higher
C. FIFO, lower
D. LIFO, lower
6. Affiliated Industries purchased a piece of equipment for $5,500, FOB shipping point. The company paid freight of $225 and installation costs of $485. During installation, the equipment was damaged requiring $195 in repair costs. The total cost assigned to the equipment should be:
A. $5,500
B. $5,725
C. $6,210
D. $6,405
7. Ivanhoe Enterprises acquired a piece of equipment on January 3, 2007. The total cost of the equipment was $35,000. Ivanhoe estimated that the equipment would be used for 8 years before being sold for an estimated $7,000. Assuming the use of straight-line depreciation, the total depreciation expense for the year ended December 31, 2007 was:
A. $3,500
B. $4,000
C. $4,375
D. $5,250
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