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23 Aug
2019

using a periodic inventory method, | Good Grade Guarantee!

Question 1 of 40
2.5 Points
When using a periodic inventory method, what account is increased when you buy merchandise inventory?
A. Cost of Goods Sold
B. Beginning Inventory
C. Ending Inventory
D. Purchases
Question 2 of 40
2.5 Points
An account never used in a service business is __________.
A. Consulting Fees-Revenue
B. Interest Payable
C. Merchandise Inventory
D. Accumulated Depreciation—EquipmentThe physical count of inventory was incorrect, which overstated the ending inventory. This would cause the __________.Question 4 of 40 A. Cost of Goods Sold to be overstated B. Cost of Goods Sold to be understated C. gross profit to be understated D. net income to be understated Question 5 of 40A contra-revenue account with a debit balance for returned goods is called __________. A. Sales Returns and Allowances B. Sales Discount C. the credit period D. the discount period   Question 6 of 40 2.5 Points The contra-revenue accounts include __________. A. Sales Tax Payable B. Sales Returns and Allowances C. Sales Discount D. both B and C   Question 7 of 40 2.5 Points Urban Camping sold goods for $200 to a charge customer. The customer returned $90 worth of goods for credit. Which entry is required to record the return transaction? A. debit Sales Returns and Allowances $90; credit Accounts Receivable $90 B. debit Sales Returns and Allowances $90; credit Sales $90 C. debit Sales $90; credit Sales Returns and Allowances $90 D. debit Accounts Receivable $90; credit Sales Returns and Allowances $90   Question 8 of 40 2.5 Points The goods a company has available to sell to customers are called __________. A. supplies B. sales C. Cost of Goods Sold D. merchandise inventory   Question 9 of 40 2.5 Points The information to prepare the Statement of Owner’s Equity comes from the __________. A. income statement columns on the worksheet B. adjustments columns on the worksheet C. balance sheet columns on the worksheet D. general ledger   Question 10 of 40 2.5 Points Cost of Goods Sold includes __________. A. freight-in B. freight-out C. interest income D. net sales   Question 11 of 40 2.5 Points At the start of the year, Northern Lights had $8,000 worth of merchandise. What do we know about Northern Lights? A. It is a service business. B. It is a retail business. C. The company ended with a net income last year. D. The company ended with a net loss last year.   Question 12 of 40 2.5 Points Which amount does not change during the period and is added to purchases when computing the cost of goods available for sale? A. beginning inventory B. ending inventory C. periodic inventory D. freight-in   Question 13 of 40 2.5 Points When completing a worksheet, __________. A. the ending inventory amount appears in the income statement debit column B. the beginning inventory amount appears in the adjustment credit column C. the ending inventory amount appears in the unadjusted trial balance debit column of the worksheet D. the beginning inventory amount appears in the balance sheet debit column of the worksheet   Question 14 of 40 2.5 Points Net sales equal __________. A. gross sales B. gross sales – sales returns and allowances C. gross sales – sales returns and allowances – sales discounts D. sales discounts   Question 15 of 40 2.5 Points Customer returned merchandise for credit. This will be recorded with __________. A. a debit to an asset account B. a debit to a liability account C. a credit to an asset account D. None of these are correct   Question 16 of 40 2.5 Points A wholesale customer returned merchandise having already paid for it within the cash discount period. The return will be recorded with __________. A. a credit to an asset account B. a credit to a liability account C. a credit to Capital D. none of the above   Question 17 of 40 2.5 Points In what category in a classified balance sheet is Mortgage Payable found? A. Plant and Equipment B. Current Liabilities C. Long-term Liabilities D. both B and C   Question 18 of 40 2.5 Points Which inventory appears in the balance sheet column of the worksheet? A. ending inventory B. beginning inventory C. combination of beginning and ending inventories D. none of the above   Question 19 of 40 2.5 Points Beginning merchandise inventory would be found on the worksheet in the __________. A. income statement debit column B. income statement credit column C. balance sheet debit column D. balance sheet credit column   Question 20 of 40 2.5 Points Which is true of the normal balance of an Income Summary? A. The balance is debit. B. The balance is credit. C. The account does not have a normal balance. D. It depends on which financial statement it appears.   Question 21 of 40 2.5 Points What would be the basis for the following journal entry if it appears on Travis Company records? Allowance for Doubtful Accounts 150 Accounts Receivable—Tim Morgan 150   A. The firm is estimating its uncollectible accounts. B. The firm is writing off a specific account. C. The firm is making a collection of a previously written-off account. D. It is a reversing entry.   Question 22 of 40 2.5 Points Aging Accounts Receivable measures __________. A. days a bill has been due but not paid B. months a bill has been due but not paid C. sales for the year D. all of the above   Question 23 of 40 2.5 Points At December 31, 2012, Brooke’s Horse Stable’s unadjusted Allowance for Doubtful Accounts showed a debit balance of $432. An aging of the Accounts Receivable indicates probable uncollectible accounts of $1,000. The year-end adjusting entry for Bad Debts Expense __________. A. includes a debit to the Allowance account for $568 B. includes a credit to the Allowance account for $42 C. includes a debit to the Allowance account for $822 D. includes a credit to the Allowance account for $1,432   Question 24 of 40 2.5 Points Town and Country Saddle learns the account receivable for a customer is uncollectible. The journal entry under the allowance method to write-off an account is to __________. A. debit Allowance for Doubtful Accounts; credit Accounts Receivable B. debit Sales; credit Allowance for Doubtful Accounts C. debit Bad Debts Expense; credit Accounts Receivable D. debit Allowance for Doubtful Accounts; credit Bad Debts Expense   Question 25 of 40 2.5 Points A company writes off a specific account as uncollectible, but later the customer pays. The journal entry to record the reinstatement under the allowance method includes a(n. __________. A. increase to Cash B. decrease to Sales C. decrease to Allowance for Doubtful Accounts D. decrease to Bad Debts Expense   Question 26 of 40 2.5 Points After aging the receivables, Tim’s Toys estimates that $900 will not be collected, and the Allowance account has a debit balance of $325. The adjusting entry would be for __________. A. $575 B. $900 C. $1,225 D. $325   Question 27 of 40 2.5 Points No entry was recorded to reinstate a bad debt when making a collection. The allowance method is being used. This error would cause __________. A. total assets to be overstated B. total liabilities to be understated C. net income to be understated D. None of these are correct   Question 28 of 40 2.5 Points After having written off a customer under the direct write-off method, the account will be reopened when the customer __________. A. sends the full amount to pay off the account B. sends any amount to pay on their account C. pays the collection bureau D. none of the above   Question 29 of 40 2.5 Points Colleen’s account was written off for $800. She received an inheritance from her uncle and wants to clear her account. The entry to record this is to __________. A. debit Cash and credit Accounts Receivable/Maggie B. debit Allowances for Doubtful Accounts, credit Accounts Receivable/Maggie, debit Cash, and credit Accounts Receivable/Maggie C. debit Accounts Receivable/Maggie, credit Allowance for Doubtful Accounts, debit Cash, and credit Accounts Receivable/Maggie D. debit Accounts Receivable/Maggie, credit Allowance for Doubtful Accounts, debit Accounts Receivable/Maggie, and credit Cash   Question 30 of 40 2.5 Points Harry’s Hardware estimates that approximately $1.75 out of every $100 of credit sales proves to be uncollectible. Barber calculates Bad Debts Expense using the __________. A. income statement approach B. direct write-off method C. balance sheet approach D. aging the Accounts Receivable approach   Question 31 of 40 2.5 Points Which method uses an aging of Accounts Receivable to calculate the Bad Debts Expense? A. income statement approach B. balance sheet approach C. aging the Accounts Receivable D. direct write-off   Question 32 of 40 2.5 Points Empire has a credit balance of $750 in its Allowance for Doubtful Accounts. The balance in the Accounts Receivable account is $80,500, with $2,415 estimated to be uncollectible after aging the accounts. Under the balance sheet approach, the debit to Bad Debt Expense will be __________. A. $2,415 B. $3,165 C. $1,665 D. $750   Question 33 of 40 2.5 Points A detailed analysis of Accounts Receivable to determine how long each account has been outstanding is called __________. A. analyzing the Accounts Receivable B. aging the uncollectible accounts C. aging the Accounts Receivable D. taking a percentage of sales on account   Question 34 of 40 2.5 Points Miami Company uses Allowance for Doubtful Accounts. When Miami writes off an uncollectible account, there is a(n. __________. A. decrease in Accounts Receivable B. decrease in expense C. increase in net income D. none of the above   Question 35 of 40 2.5 Points Using the aging method, estimated uncollectible accounts are $3,000. If the balance in the Allowance for Doubtful Accounts is a $600 credit before adjustment, what is the Bad Debts Expense adjustment for the period? A. $3,000 B. $600 C. $2,400 D. $3,600   Question 36 of 40 2.5 Points The journal entry to write off an account judged to be uncollectible under the allowance would include a debit to __________. A. Sales B. Accounts Receivable C. Allowance for Doubtful Accounts D. Bad Debts Expense   Question 37 of 40 2.5 Points Gross Accounts Receivable is $12,000. Allowance for Doubtful Accounts has a credit balance of $600. Net sales for the year are $100,000. In the past, 2% of sales had proved uncollectible, and an aging of the receivables indicates $1,900 as uncollectible. What would be the adjusted balance of the Allowance account under the balance sheet approach? A. $2,000 B. $1,400 C. $2,500 D. $1,900   Question 38 of 40 2.5 Points What type of account is an Allowance for Doubtful Accounts? A. Asset B. Contra-asset C. Revenue D. Contra-revenue   Question 39 of 40 2.5 Points A company uses the allowance method and expects to not collect $15,000 of sales. The journal entry to record the estimated bad debt is __________. A. Allowance for Doubtful Accounts $15,000 Bad Debt Expense $15,000 B. Allowance for Doubtful Accounts $15,000 Accounts Receivable $15,000 C. Accounts Receivable $15,000 Allowance for Doubtful Accounts $15,000 D. Bad Debt Expense $15,000 Allowance for Doubtful Accounts $15,000   Question 40 of 40 2.5 Points If the allowance method of accounting for uncollectible receivables is used, what general ledger account is debited to write off a customer’s account as uncollectible? A. Allowance for Doubtful Accounts B. Bad Debt Expense C. Accounts Payable D. Bad Debts Recovered

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