Accounting 2101:Quiz 8 Accounts Receivable

To the nearest %, paying on the 10th day for a 2/10, net/30, gives an annual return of )just write the number)
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Terms in this set (24)
To the nearest %, paying on the 10th day for a 2/10, net/30, gives an annual return of )just write the number)
36
Which of the following are classified as Accounts Receivable?

A) Monies that customers owe us from sale of merchandise.
B) Monies that customers owe us from providing a service.
AB
The usual balance in a Contra-Asset account is a:
CR
The usual balance in a Contra-Revenue account is a:
DR
The usual balance in a Contra-Owners' Equity account is a:
DR
The usual balance in a Contra-Expense account is a:
CR
To the nearest %, paying on the 30th day for a 1/30, net/60, gives an annual return of (just write the number)
12
We always sell pens at $8. We sold a pen for $7 because it was damaged. Record the sale at:
$7
The usual balance in a Contra-Liability account is a:
DR
To the nearest %, paying on the 15th day for a 1/15, net/30, gives an annual return of (just write the number)
24
The usual balance in a Contra-Dividend account is a:CRIn a sale on account, who is undertaking a financial risk of non-payment?The sellerABC buys widgets for $5 cash and sells them on account for $8. What is the sacrifice value of a receivable on the books of ABC?5Usually we measure Accounts Receivable atBenefit ValuePrior to year-end adjusting entries, what would explain the Allowance for Uncollectible Accounts having a debit balance?The amount of actual uncollectible accounts in the current year was greater than the estimate of uncollectible accounts made at the end of the prior year.ABC buys widgets for $5 cash and sells them on account for $8. What is the benefit value of a receivable on the books of ABC?8Which of the following is recorded upon receipt of a payment on April 7, 2018, by a customer who pays a $900 invoice dated March 3, 2018, with terms 2/10, n/60?Debit Cash $900.ABC buys widgets for $5 cash and sells them on account for $8. From a cash flow perspective, the receivable is valued at?0BC has the following balances on December 31 prior to closing entries: Revenues $25,000 Retained Earnings, Jan. 1 20,000 Cash 3,000 Expenses 10,000 Accounts Payable 4,000 Dividends 2,000 Supplies 17,000 Based upon the balances above, what net adjustment would be made to Retained Earnings due to closing entries? An Increase of (just type numbers)13000A company has 342 customers they extend credit to, how many accounts receivable will they have on their books? (just type numbers)343A company received an order from a customer in June for services to be provided. Those services were provided in July, and the customer paid the full amount in August. According to the revenue recognition principle, in which month should the company record revenue?JulyWhich of the following best explains the meaning of total stockholders' equity?The amount of capital invested by stockholders plus profits retained over the life of the company.Subsidiary Accounts and Master AccountsAre bookkeeping devicesAt the beginning of the period, Accounts Receivable equals $1,700. At the end of the period, Accounts Receivable equals $2,200. If Service Revenue for the period equals $15,400, what was the cash received from customers for the period?14900