1.. During 2022Oriole Companyhad sales on account of $723000, cash sales of $321000, and collections on account of $500000. In addition, they collected $9400which had been written off as uncollectible in 2021. As a result of these transactions the change in the accounts receivable indicates a

A. $538000increase.

B. $223000increase.

C. $213600increase.

D. $544000increase.

2..The interest on a $34000,15%,1-year note receivable is

A. $340.

B. $298.

C. $5100.

D. $39100.

3. Blue Spruce Corp.has a60-day note that carries an annual interest rate of8%. If the amount of the total interest on the note is equal to $780, then what is the principal of the note?(Use 360 days for calculation.)

A. $9750

B. $58500

C. $56160

D. $24960

4. The maturity value of a $66000,12%,30-day note receivable dated July 3 is(Use 360 days for calculation.)

A. $66000.

B. $72600.

C. $73920.

D. $66660.

5. The financial statements of theWildhorse Co.reports net sales of $696000and accounts receivable of $90000and $24000at the beginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days?(Use 365 days for calculation.)

A. 17.7days

B. 59.8days

C. 29.9days

D. 42.1days

6. In the table below the information for four companies is provided.

Company Accounts Receivable turnover Average collection period

Concord 13.95 26.45

Lewis 12.75 25.45

Danforth 11.80 35.25

Bridgeport 13.15 26.90

Industry Average 12.50 25.75

IfBridgeport's net credit sales are $716675, what are its average net accounts receivable?

A. $28309

B. $54500

C. $94243

D. $177052

7. CullumberCompany on July 15 sells merchandise on account toBrambleCo. for $3000, terms3/10, n/30. On July 20BrambleCo. returns merchandise worth $2000toCullumberCompany. On July 24 payment is received fromBrambleCo. for the balance due. What is the amount of cash received?

A. $1000

B. $970

C. $910

D. $3000

8. Kingbirdsells softball equipment. On November 14, they shipped $4200worth of softball uniforms toWhispering WindsMiddle School, terms4/10, n/30. On November 21, they received an order from Douglas High School for $2200worth of custom printed bats to be produced in December. On November 30,Whispering WindsMiddle School returned $540of defective merchandise.Kingbirdhas received no payments from either school as of month end. What amount will be recognized as accounts receivable, net on the balance sheet as of November 30?

A. $6740

B. $6200

C. $4200

D. $3660

9. Concord Corporationhad the following items to report on its balance sheet:

Employee advances $1620

Amounts owed by customers for the sale of services (due in 30 days) 3090

Refundable income taxes 1050

Interest receivable 960

Accepted a formal instrument of credit for services (due in 18 months) 2430

A loan to company president 9900

Dishonored a note for principal and interest which will eventually be collected 1380

Based on this information, what amount should appear in the "Other Receivables" category?

A. $20180

B. $13530

C. $14910

D. $17130

10. Pina Coladais a corporation that sells breakfast cereal. Based on the accounts listed below, what arePina Colada's total trade receivables?

Income tax refund due $320

Advance due to the company from

the company president 250

3-month note due fromPina Colada's main customer 2170

Interest due this month on the above note 100

Due and unpaid from this month's sales 8880

Due and unpaid from last month's sales 1190

A. $10070

B. $12240

C. $11260

D. $12910

11. Wildhorse Co.uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $260000and credit sales are $2610000. Management estimates that4% of accounts receivable will be uncollectible. What adjusting entry willWildhorse Co.make if the Allowance for Doubtful Accounts has a credit balance of $2600before adjustment?

A.

Bad Debt Expense 10400

Allowance for Doubtful Accounts 10400

B.

Bad Debt Expense 7800

Allowance for Doubtful Accounts 7800

C.

Bad Debt Expense 7800

Accounts Receivable 7800

D.

Bad Debt Expense 10400

Accounts Receivable 10400

12 Net credit sales for the month are $800000. The accounts receivable balance is $160000. The allowance is calculated as10% of the receivables balance using the percentage-of-receivables basis. If the Allowance for Doubtful Accounts has a credit balance of $8800before adjustment, what is the balance after adjustment?

A. $16000

B. $7200

C. $24800

D. $16880

13. An aging of a company's accounts receivable indicates that $8500are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $4000credit balance, the adjustment to record bad debts for the period will require a

A. debit to Bad Debt Expense for $8500.

B. debit to Allowance for Doubtful Accounts for $4500.

C. debit to Bad Debt Expense for $4500.

D. credit to Allowance for Doubtful Accounts for $8500.

14. Marigold Corp.had net credit sales during the year of $1231200and cost of goods sold of $652000. The balance in accounts receivable at the beginning of the year was $99600and at the end of the year was $204400. What was the accounts receivable turnover?

A. 8.1

B. 10.1

C. 6.8

D. 4.9

15 AyayaiFurniture factors $600000of receivables toMartinezFactors, Inc.MartinezFactors assesses a3% service charge on the amount of receivables sold.AyayaiFurniture factors its receivables regularly withMartinezFactors. What journal entry doesAyayaimake when factoring these receivables?

A.

Cash 582000

Loss on Sale of Receivables 18000

Accounts Receivable 600000

B.

Cash 582000

Accounts Receivable 582000

C.

Cash 400000

Accounts Receivable 582000

Gain on Sale of Receivables 18000

D.

Cash 582000

Service Charge Expense 18000

Accounts Receivable 600000