On April 5 Donnas Boutique accepted a Visa card for a $1250 purchase. Visa charges a 2% service fee. The entry to record this transaction would include a

credit to Service Charge Expense of $25.

debit to Cash of $1250.

debit to Service Charge Expense of $25.

credit to Cash of $1225.

Save for Later

Cheyenne Corp. lends Dobson industries $44400 on August 1, 2017, accepting a 9-month, 6% interest note. If Cheyenne Corp. prepares its financial statements as of December 31, 2017, what adjusting entry must it make?

Notes Receivable		1110
	Interest Revenue		1110

Cash		1110
	Interest Revenue		1110

Interest Receivable		1110
	Interest Revenue		1110

Accounts Receivable		1110
	Interest Receivable		1110

A 90-day note dated June 30, 2017, would mature on:

September 29, 2017.

September 30, 2017.

September 28, 2017.

September 27, 2017.

Wildhorse Co. has a $33600 note that carries an annual interest rate of 15%. If the amount of the total interest on the note is equal to $4620, then what is the duration of the note in months?

6 months

11 months

14 months

8 months

The financial statements of the Cheyenne Corp. reports net sales of $480000and accounts receivable of $67800 and $44100 at the beginning of the year and end of year, respectively. What is the accounts receivable turnover for Cheyenne Corp.?

8.58 times

4.29 times

6.44 times

13 times

The financial statements of the Whispering Winds Corp. reports net sales of $420000 and accounts receivable of $57600 and $33600 at the beginning of the year and end of year, respectively. What is the accounts receivable turnover for Whispering?

12 times

5 times

9 times

7 times

he maturity value of a $24600, 12%, 30-day note receivable dated February 10th is

$24600.

$24846.

$26076.

$24723.

An aging of a company's accounts receivable indicates that $9800 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $4100credit balance, the adjustment to record bad debts for the period will require a

credit to Allowance for Doubtful Accounts for $9800.

debit to Allowance for Doubtful Accounts for $5700.

debit to Bad Debt Expense for $9800.

debit to Bad Debt Expense for $5700.

In reviewing the accounts receivable, the cash receivable value is $25600before the write-off of a $2200 account. What is the cash receivable value after the write-off?

$27800

$25600

$2200

$23400

Skysong, Inc. uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $140000 and credit sales are $1410000. Management estimates that 3% of accounts receivable will be uncollectible. What adjusting entry will Skysong, Inc. make if the Allowance for Doubtful Accounts has a credit balance of $1400 before adjustment?

Bad Debt Expense		14100
	Allowance for Doubtful Accounts		14100

Bad Debt Expense		2800
	Accounts Receivable		2800

Bad Debt Expense		14100
	Accounts Receivable		14100

Bad Debt Expense		2800
	Allowance for Doubtful Accounts		2800