1a). A keep in mind receivable early in 6 months is provided on thebalance sheet under the caption:

investments

fixed assets

long-term liabilities

current assets

1b). After ~ the accounts are adjusted and closed at the finish ofthe fiscal year, accounts Receivable has a balance that $450,000 andAllowance for skeptical Accounts has actually a balance the $25,000. What is the net supposed realizable value of the accountsreceivable?

$450,000

$25,000

$455,000

$425,000

1c). One estimate based upon an evaluation of receivablesshows the $780 of account receivables are uncollectible. The pin money for cynical Accounts has actually a debit balance of$110. After prepare the adjusting entry at the end of theyear, the balance in the Uncollectible Accounts cost is:

$110
$780
$890
$670

1d). Making use of the estimate based upon sales an approach of accountingfor uncollectible accounts, the entry to reinstate a specificreceivable formerly written turn off would include a:

both a debit to account Receivable and a credit transaction to Allowancefor unconvinced Accounts
credit to accounts Receivable
credit to allowance for unconvinced Accounts

debit to accounts Receivable

1e). On the balance sheet, the amount presented for the Allowancefor hesitant Accounts is same to the:

Uncollectible accounts expense for the year
total estimated uncollectible accounts as of the finish of theyear
total the the accounts receivables written-off during theyear
sum of all accounts the are previous due

1f). A 90-day, 12% keep in mind for $10,000, dated may 1, isreceived indigenous a customer on account. The maturity value ofthe keep in mind is:

$10,000
$9,550
$10,300
$450

1g). A 60-day, 10% note for $8,000, dated April 15, isreceived native a customer on account. The face value the thenote is:

$8,600
$8,000
$8,800
$7,200

1h). A $6,000, 30-day, 12% note recorded ~ above November 21 isnot payment by the machine at maturity. The journal entry torecognize this occasion is:

debit Cash, $6,060; credit Notes Receivable, $6,060
debit note Receivable, $6,060; credit transaction Accounts Receivable,$6,060
debit accounts Receivable, $6,060; credit Notes Receivable,$6,000; credit transaction Interest Revenue, $60
debit accounts Receivable, $6,060; credit transaction Notes Receivable,$6,000; credit Interest Receivable, $60

1i). Allowance for hesitant Accounts has a debit balance of$500 at the finish of the year (before adjustment), and also uncollectibleaccounts cost is estimated at 3% of network sales. If netsales room $600,000, the lot of the adjusting entrance to record theprovision for doubtful accounts is:

$17,500
$ no one of the above
$18,500
$18,000

1j). On September 1, Blazer agency receives a 10%interest bearing keep in mind from Ram firm to work out a $12,000 accountreceivable. The note is due in 6 months.


You are watching: An account receivable due in 12 months is listed on the balance sheet under the caption


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At December31, Blazer must record interest revenue of:

$600
$400
$0
$100

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