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Question1.Bay Company began using the allowance meth

15 May Question1.Bay Company began using the allowance meth

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Question

1.Bay Company began using the allowance method in 2010. On January 1, 2010, Bay had a $3,000 balance in the Accounts Receivable account and a zero balance in the Allowance for Doubtful Accounts account. During 2010, Bay provided $25,000 of service on account. The company collected $21,000 cash from account receivable. Uncollectible accounts are estimated to be 2% of sales on account. The balance in Accounts Receivable as of December 31, 2010 was: (Points : 2)




2.Bay Company began using the allowance method in 2010. On January 1, 2010, Bay had a $3,000 balance in the Accounts Receivable account and a zero balance in the Allowance for Doubtful Accounts account. During 2010, Bay provided $25,000 of service on account. The company collected $21,000 cash from account receivable. Uncollectible accounts are estimated to be 2% of sales on account. The amount of uncollectible accounts expense to recognize on the 2010 income statement is: (Points : 2)




3.Accounts receivable turnover is computed by dividing: (Points : 2)




4.The amount of accounts receivable that is actually expected to be collected is known as: (Points : 2)




5.The net realizable value of accounts receivable is calculated: (Points : 2)




6.Howard Company accepts a credit card as payment for $950 of services provided to a customer. The credit card company charges a 4% fee for its services. Select the answer that shows how the entry to record the service revenue would affect Barlett’s financial statements.

Row Assets = Liab. + Equity Rev. – Exp. = Net Inc. Cash Flow
One 912 = NA + 912 950 – 38 = 912 NA
Two 912 = 38 + 874 912 – NA = 912 NA
Three 912 = NA + 912 912 – NA = 912 912 OA
Four 950 = NA + 950 950 – NA = 950 950 OA

(Points : 2)




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