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devry acct304 week 5 quiz




Question;(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 ?%;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.


Paper#38112 | Written in 18-Jul-2015

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