DeVry ACCT 304 Week 5 Quiz Latest

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DeVry ACCT 304 Week 5 Quiz Latest

(TCO 7) Cash may not include>foreign currency.

money orders.

restricted cash.

undeposited customer checks.

Question 2. Question :

(TCO 7) On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit term 2/10, n/30. Flores uses the gross method of accounting for cash discounts. What is the correct entry for Flores on November 17, assuming the correct payment was received on that date?

Option a

Option b

Option c

Option d

Question 3. Question :

(TCO 7) Which of the following does not change the balance in accounts receivable?

Returns on credit sales

Collections from customers

Bad debts expense adjusting entry

Write-offs

Question 4. Question :

(TCO 7) Brockton Carpet Cleaning prepares a bank reconciliation at the end of every month. At the end of July, the balance in the general ledger checking account was $2,750, and the bank balance on the bank statement was $2,980. Outstanding checks totaled $680, and deposits in transit were $400. The bank statement revealed that a check written for $120 was incorrectly recorded by Brockton as a $220 disbursement. The bank statement listed service charges and NSF check charges totaling $150. The corrected cash balance is

$2,270.

$2,550.

$2,470.

$2,700.

Question 5. Question :

(TCO 7) Calistoga Produce estimates bad debt expense at ½% of credit sales. The company reported accounts receivable and allowance for uncollectible accounts of $471,000 and $1,650, respectively, at December 31, 2010.During 2011, Calistoga’s credit sales and collections were $315,000 and $319,000, respectively, and $1,720 in accounts receivable were written off. Calistoga’s adjusted allowance for uncollectible accounts at December 31, 2011 is

$1,575.

$1,505.

$1,650.

$1,720.

 

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DeVry ACCT 304 Week 5 Quiz Latest

Best DeVry ACCT 304 Week 5 Quiz Latest

DeVry ACCT 304 Week 5 Quiz Latest