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List three reasons that indicate a receivable may become uncollectible. After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $451,000 and Allowance for Doubtful Accounts has a balance of $30,000. What is the net realizable value of the accounts receivable? One of your customers, Jim Dobbs, owes you $5,000. Please write the journal entries for the following 3 transactions using the allowance method of accounting for uncollectible receivables:

a) June 9 - Received $1,000 from Jim Dobbs.

b) June 10 - Jim Dobbs informed you that he cannot pay the remaining balance, so you wrote off the remainder owed of $4,000.

c) Oct. 11 - Reinstated the account of Jim Dobbs and received $4,000 cash in full payment.

Below are some typical transactions incurred by Piper Company. For each transaction, indicate by the code letter the appropriate journal where the transaction would be journalized. CR Cash Receipts Journal P Single-Column Purchases Journal CP Cash Payments Journal S Sales Journal G General Journal _____

1. Adjusting entry for depreciation on machinery. _____ 2. Payment of creditors on account. _____ 3. Purchase of office equipment on credit. _____ 4. Sales discount taken on goods sold on credit. _____ 5. Sales of merchandise on account. _____ 6. Purchase of a delivery truck for cash. _____ 7. Return of merchandise purchased on credit. _____ 8. Payment of rent in advance. _____ 9. Adjusting entry for accrued interest expense. _____ 10. Purchase of office supplies for cash. 5) Bradshaw Company has a balance in its Accounts Receivable control account of $13,000 on January 1, 2016. The subsidiary ledger contains three accounts: Brown Company, balance $6,000; Smith Company, balance $2,500 and Coco's Company. During January, the following receivable-related transactions occurred. Credit Sales Collections Returns Brown Company $15,000 $6,000 $ -0- Smith Company 9,000 4,500 1,000 Coco's Company 8,500 6,500 -0- Instructions (a) What is the January 1 balance in the Coco's Company subsidiary account?

(b) What is the January 31 balance in the control account?

(c) Compute the balances in the subsidiary accounts at the end of the month. (d) Which January transaction would not be recorded in a special journal?

6) Cash from sales of merchandise will be recorded in the

a. cash receipts journal.

b. sales journal.

c. purchases journal.

d. general journal. 7) A sales journal is used to record

a. only cash sales of merchandise.

b. sales of all assets on credit and for cash.

c. only credit sales of merchandise.

d. credit sales of merchandise, sales returns and allowances, and sales discounts.

8) If a customer takes a sales discount, an entry is made in the

a. cash receipts journal.

b. sales journal.

c. cash payments journal.

d. general journal.

9) The process of totaling the columns of a journal is termed

a. ruling.

b. columnizing.

c. sizing.

d. footing. 10) Accounts Receivable and Accounts Payable are examples of

a. nominal accounts.

b. controlling accounts.

c. subsidiary ledger accounts.

d. both nominal accounts and controlling accounts.