{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T04:46:28-04:00", "answer_date": "2024-06-28 04:46:28", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4242496", "url": "\/study-help\/questions\/when-possible-please-include-stepbystep-solutions-so-that-i-can-4242496", "question_creation_date_js": "2024-06-28T04:46:28-04:00", "question_creation_date": "Jun 28, 2024 04:46 AM", "meta_title": "[Solved] When possible please include step-by-step | SolutionInn", "meta_description": "Answer of - When possible please include step-by-step solutions so that I can more easily understand each step that was performed | SolutionInn", "meta_keywords": "include,step--step,solutions,easily,understand,step,performed,order,final,answers,file,attached", "question_title_h1": "When possible please include step-by-step solutions so that I can more easily understand each step that was performed in order to get the final answers.", "question_title": "When possible please include step-by-step solutions so that I can more easily", "question_title_for_js_snippet": "When possible please include step by step solutions so that I can more easily understand each step that was performed in order to get the final answers The file is attached below Ch 5 Graded Assignment Note To receive partial credit on problems which require calculations, calculations must be shown Problem I (22 points) Indicate whether each of the following statements is true (T) or false (F) a The Sales Discounts and Sales Returns and Allowances accounts are both examples of expense accounts b The Allowance for Doubtful Accounts account is best described as a contra liability c The amount shown on the balance sheet called Net Accounts Receivable is determined by adding together the balances in the Accounts Receivable and Allowance for Uncollectible Accounts accounts d Net Accounts Receivable can also be called net realizable value e The Allowance Method of accounting for bad debts requires companies to record an estimate of bad debt expense arising from an uncollectible sale in the same year sales revenue is recorded rather than in the year the bad debt expense is known with certainty f The Allowance Method of accounting for bad debts is an application of GAAP whereas the Direct Write Off Method is not g When a company's receivables turnover ratio is decreasing from one year to the next, it implies customers are paying off their accounts receivable more quickly than in the past h As a company's receivables turnover ratio increases, the average collection period in terms of days should be decreasing i Before the year end journal entry to record bad debts, if the Allowance for Doubtful Accounts account has a debit balance, the estimate of uncollectible accounts at the beginning of the year was too low j The aging (or percentage of receivables) method may be described as a balance sheet approach method because it provides a better estimate of uncollectible accounts and net accounts receivable than the percentage of sales method k When preparing an aging report, most companies should expect that the longer a particular customer's account has been outstanding, the less likely it is to become uncollectible 1 Problem II (19 points) Green Inc was incorporated on 4 1 X6 to provide landscaping services in the Raleigh area During April, the following transactions occurred with respect to services provided to its first customer 4 1 X6 Green provided services worth $10,000 on account, terms 2 10, n 30 4 7 X6 Green granted the customer a $400 sales allowance 4 9 X6 Green's customer paid off their account in full Required Record the above three transactions in the general journal below Debit Credit 4 1 X6 4 7 X6 4 9 X6 Accounting Check Since the customer has completely paid off its account receivable, is the Account Receivable balance equal to zero If your answer is not yes ", "question_description": "

When possible please include step-by-step solutions so that I can more easily understand each step that was performed in order to get the final answers. <\/p>

The file is attached below.<\/p>\"image Ch 5 Graded Assignment Note: To receive partial credit on problems which require calculations, calculations must be shown. Problem I: (22 points) Indicate whether each of the following statements is true (T) or false (F). a. ___ The \\\"Sales Discounts\\\" and \\\"Sales Returns and Allowances\\\" accounts are both examples of expense accounts. b . The \\\"Allowance for Doubtful Accounts\\\" account is best described as a contra-liability. ___ c. ___ The amount shown on the balance sheet called \\\"Net Accounts Receivable\\\" is determined by adding together the balances in the \\\"Accounts Receivable\\\" and \\\"Allowance for Uncollectible Accounts\\\" accounts. d. ___ \\\"Net Accounts Receivable\\\" can also be called net realizable value. e. ___ The \\\"Allowance Method\\\" of accounting for bad debts requires companies to record an estimate of bad debt expense arising from an uncollectible sale in the same year sales revenue is recorded rather than in the year the bad debt expense is known with certainty. f. The \\\"Allowance Method\\\" of accounting for bad debts is an application of GAAP whereas the \\\"Direct Write-Off Method\\\" is not. ___ g. ___ When a company's receivables turnover ratio is decreasing from one year to the next, it implies customers are paying off their accounts receivable more quickly than in the past. h. ___ As a company's receivables turnover ratio increases, the average collection period in terms of days should be decreasing. i. ___ Before the year-end journal entry to record bad debts, if the \\\"Allowance for Doubtful Accounts\\\" account has a debit balance, the estimate of uncollectible accounts at the beginning of the year was too low. j. ___ The \\\"aging\\\" (or percentage-of-receivables) method may be described as a balance sheet approach method because it provides a better estimate of uncollectible accounts and net accounts receivable than the percentage of sales method. k. ___ When preparing an aging report, most companies should expect that the longer a particular customer's account has been outstanding, the less likely it is to become uncollectible. 1 Problem II: (19 points) Green Inc. was incorporated on 4\/1\/X6 to provide landscaping services in the Raleigh area. During April, the following transactions occurred with respect to services provided to its first customer. 4\/1\/X6: Green provided services worth $10,000 on account, terms 2\/10, n\/30. 4\/7\/X6: Green granted the customer a $400 sales allowance. 4\/9\/X6: Green's customer paid off their account in full. Required: Record the above three transactions in the general journal below. Debit Credit 4\/1\/X6 4\/7\/X6 4\/9\/X6 Accounting Check Since the customer has completely paid off its account receivable, is the \\\"Account Receivable\\\" balance equal to zero? If your answer is not \\\"yes\\", "transcribed_text": "", "related_book": { "title": "Auditing and Assurance Services", "isbn": "978-1259573286, 1259573281, 978-1260152166", "edition": "7th edition", "authors": "Timothy Louwers, Allen Blay, David Sinason, Jerry Strawser, Jay Thibodeau", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/1263.jpg", "uri": "\/textbooks\/auditing-and-assurance-services-7th-edition-1263", "see_more_uri": "" }, "free_related_book": { "isbn": "1603586644", "uri": "\/textbooks\/the-ldn-book-how-a-little-known-generic-drug-low-dose-naltrexone-could-revolutionize-treatment-for-autoimmune-diseases-cancer-autism-depression-and-more-1st-edition-978-1603586641-266113", "name": "The Ldn Book How A Little Known Generic Drug Low Dose Naltrexone Could Revolutionize Treatment For Autoimmune Diseases Cancer Autism Depression And More", "edition": "1st Edition" }, "question_posted": "2024-06-28 04:46:28", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/what-is-the-scope-of-small-business-marketing-what-do", "description": "What is the scope of small business marketing? 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