ARayMan2798 Cinig Chapter 9XX (Protected View) - Word (Unlicensed Product) Raferences Mailings Review ViewHelp Tell me what you want to do n Layout R 15). Cosmos Company on July 15 sells merchandise on account to Cajon Co. for $6,000, terms 2/10, n/30. On July 20 Cajon Co. returns merchandise worth $1,000 to Cosmos Company On July 24 payment is received from Cajon Co. for the balance due. What is the amount of cash received? a. $4,800 b. $4,900 c. $5,000 d. $6,000 16). The existing balance in Alowance for Doubit'ul Accounts is considered in computing bad debt expense in the a. direct write-off method b. percentage of receivables basis c. percentage of sales basis. d. percentage of receivables and percentage of sales basis 17) When the allowance method is used to account for uncollectible accounts, Bad Debt Expense is debited when a. a sale is made b. an account becomes bad and is written off c management estimates the amount of uncollectibles d. a customer's account becomes past-due. An aging of a company's accounts receivable indicates that $13,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance, the adjustment to record bad debts for the period will require a a. debit to Bad Debt Expense for $13,000 b. debit to Allowance for Doubtful Accounts for $11,800. C. debit to Bad Debt Expense for $11,800 d. credit to Allowance for Doubtful Accounts for $13,000 18). 19). A debit balance in the Allowance for Doubtful Accounts a. is the normal balance for that account rch ' A RayMan2798 Cimigliaro hapter 90Xx (Protected Viewl) Word (Unlicensed Product) Layout Raferences Malings Review View Help Tell me what you want to do 21). The balance of Allowance for Doubtful Accounts prior to making the adjusting entry to record estimated uncollectible accounts a. is relevant when using the percentage of receivables basis b. is relevant when using the percentage of sales basis c, is relevant to both bases of adjusting for uncollectible accounts. d. wil never show a debit balance at this stage in the accounting cycle. 22) An aging of a company's accounts receivable indicates that $6,000 are estimated to be belance, the uncollectible I Allowance for Doubtful Accounts has a $800 credit adjustment to record bad debts for the period will require a a. debit to Bad Debt Expense for $6,000 b. debit to Allowance for Doubtful Accounts for $5,200 c. debit to Bad Debt Expense for $5.200 d. credit to Allowance for Doubtful Accounts for $6,000 23). An aging of a company's accounts receivable indicates that $4,000 are estimated to be uncollectible If Allowance for Doubtful Accounts has a $700 debit balance, the adjustment to record bad debts for the period il require a a. debit to Bad Debt Expense for $3.300 b. debit to Bad Debt Expense for $4,000 c. debit to Bad Debt Expense for $4.700 d credit to Allowance for Doubtful Accounts for $700 the percentage-of-receiwables method tor recording bad debts expense, estimated 24) Using t uncollectible accounts are $23,000. If the balance of the Allowance for Doubtful Accounts is $2,000 debit before adjustment, what is the amount ofbad debt expense for that period? a. $2,000 b. $21,000 c. $23,000 d. $25,000 25) Using the percentage-of-receivables method for recording bad debt expense, estimated uncolectible accounts are $12.000. If the balance of the Allowance for Doubtful Accounts is $2,500 credt before adjustment, what is the amount of bad debt expense for thit 5 6 8 9 RayMan279B Ciniglaro Chapter 90X Protected View)- Word (Unlicensed Product) Design layout Referencens Maligs Raview ew Help Tell me what you want to do ding bad debt expense, estimated Using the percentage-of-receivables method for recor uncolectble accounts are $12,000. If the balance of the Allowance for Doubtful Accounts s $2,500 credit before adjustment, what is the amount of bad debt expense for that period? a $2,500 b. $9,500 c$12,000 d. $14,500 26) Using the percentage of receivables method for recording bad debt expense, estimated uncollectible accounts are $11,000. If the balance of the Allowance for Doubtful Accounts is $2 800 debit before adjustment, what is the baiance afer adjustment? a, $2,800 b. $8,200 C $11,000 27) Using the percentage-of-receivables basis, the uncollectible accounts for the year is estmated to be 533,000 If the balance for the Allowance for Doubtful Accounts is a $5,000 credit before adjustment, what is the amount of bad debt expense for the period? a $5,000 b. $28,000 $33,000 d $38,000 5 6 7 8 9 Chapter 9300 (Protected View)-Wiord (Unlicensed Product) nsert Design Layout References Malings Revies Wew Hep Tel me what you want to do estimated to be $33,000 If the balanoe for the Allowance for Doubtful Accounts is a $5,000 debt before adjustment, what is the amount of bad debt expense for the period? a $5,000 b $28.000 $33.000 d. $38,000 28) Using the percentage-of-receivables basis, the uncollectible accounts for the year is 28) In reviewing the accounts receivable, the cash reaizable value is $14,000 before the write ff of a $1,800 account. What is the cash realizable value after the write-off a. $1,800 b $12,200 c $14,000 d. $15,800 29) n2016, Warehouse 13 had net credit sales of $850.000. On January 1, 2016, Allowance for Doubilul Accounts had a credit balance of $18,000 Duning 2016, $27.000 of uncollectble accourts recevable were witten off. Past experionce indicates that the aowance should be 10% of the balance i, eoerables (percentage or recevable basis). r the accounts receivable balance at December 31 was $160,000, what is the required djustment to theAllowance for Doubtflul Accoants at December 31, 20162 $160,000 b. $27,000 C. S25.000 d $16,000 30) A company has net credil sales of $750000 for the year and it estimates that uncollectible accounts wil be 3% of sales. "Alowanetr Douted Accourts has a credt balance of 3,000 arior to adjustment, its baiance after adjustment will be a credit of a $19,500 b. $22,500 c $22,360 d $25.500 91) n 2016. Wnslow Compary had net credt sies of 1250000. On January 1. 2016. ype here to 6 8 9