Debit; it is a contra account to Revenue B. The company expected to drive the truck 100,000 miles. D All of the above. Presented below is the trial balance of Adams Company as of December 31, 20X1. Walden Company uses the perpetual inventory method. A key thing the student will need to prepare for is the difference between solving problems online versus doing them in class with pencil and paper. Net cash received by a company during 3.
Choose the one alternative that best completes the 1. Allowance for Uncollectible Accounts 3,000 Bad Debt Expense 3 3000 B. Which of the following items would not appear in an income statement? Credit: it is a contra account to Accounts Receivable. The of profits retained in a amount C. Show the effects of the appropriate accounting treatment to the unrealized gain assuming the securities are classified a trading securities. B Depreciation expense C Accumulated Depreciation. Process of measuring income taxes owed to the 2.
The well was expected to produce 500,000 barrels of oil over its useful life. The amount of cash that is actually expected to be collected on accounts receivable is referred to as A. C debit to wages payable and credit to wages expense. Process of measuring income taxes owed to the 2. The adjusting entry that Elgar should make for these unpaid wages on December 31, 20X2 is: A debit to wage expense and credit to wages payable. Martin Company uses the perpetual inventory method. Journal entry: Issuance of short term notes payable to satisfy an account payable created earlier overdue account.
Be able to give examples of each. Bad Debt Expense 3,000 Accounts Receivable 4. If the truck is driven 36,000 miles in the current accounting period, which of the following amounts should be recognized as depreciation expense? What is the amount of goods available for sale? The estimated amount of ending inventory would be: A. What is cost of goods sold for the year? B debit to wage expense and credit to cash. D None of the above. Debit; it is a contra account to Revenue B.
Allowance for Uncollectible Accounts Accounts Receivable 3,000 3,000 Bad Allowance for Uncollectible Accounts 3,000 D. The company uses the periodic inventory method. The adjusting entry would include a debit to Bad Debt Expense of A. Hallstead Jewelers Case Acct 2301 Test 3. The unrealized gain would cause net income to increase. Indicate whether each of the following statements is true or false assuming the securities are classified as available-for-sale. The note carried a 12% annual rate of interest and a one year term.
Furthermore, be able to justify which financial statement s is most useful for each goal. The machine is expected to produce 675,000 finished products during its eight-year life. Which of the following is the correct general journal entry to record depreciation expense for the 20X2 fiscal year? The unrealized gain would cause equity to increase. D None of the above. Debit; it is an expense in the income statement Credit; it is a contra account to Bad Debt Expense D. System of maintaining communication with government.
S311,000 and in At December 31, Amy Jo's Appliances had account balances in Accounts Receivable of of Amy Jo's Allowance for Uncollectible Accounts of s970 debit before adjustments. Production during 20X1 was 70,000 units and during 20X2 110,000 units Required: Determine the amount of depreciation expense to be recorded on the machine for the years 20X1 and 20X2 under each of the following methods: 20X1 20X2 1. Financial accounting and reporting standards in the United States are created prima A. The unrealized gain would not be recognized in the financial statements. Flint Company uses the perpetual inventory system.
Financial accounting and reporting standards in the United States are created prima A. Allowance for Uncollectible Accounts Accounts Receivable 3,000 3,000 Bad Allowance for Uncollectible Accounts 3,000 D. Net income can best be described as: A. Net cash received by a company during 3. What amount of inventory will be shown on the year end balance sheet? James received a 2% cash discount.
Common stock and retained B. The two primary components of stockholders' equity found on the statement of stockholders Eq Balance Sheet are: earnings. Cengage 2301 Test Answers Compiled Pdf, Doc, Ppt … Cengage accounting 2301 test answers — Full Version: 3. Bad Debt Expense 3,000 Accounts Receivable 4. Based on this information, how much net income would Scott report in 20X4? Required: 1 Draw T-accounts and post the above transactions to the appropriate T-accounts. Debit; it is an expense in the income statement Credit; it is a contra account to Bad Debt Expense D. Which of the following items would not appear in an income statement? Also identify which form of ownership accounts for the most of business and which form of ownership accounts for the biggest receipts revenue.
D None of these; inventory methods cannot affect cash flows. An analysis any December 3 accounts receivable suggests that the allowance for uncollectible accounts should be 2% accounts receivable. Issued when merchandise or other assets are purchased. An analysis any December 3 accounts receivable suggests that the allowance for uncollectible accounts should be 2% accounts receivable. Written promises to pay a specific amount on a definite future date, within one year.