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Devry ACCT 304 Week 5 Quiz




Question;1. (TCO 7) Cash may not include;2. (TCO 7) On November 10 of the current year, Flores Mills sold carpet;to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the;gross method of accounting for cash discounts. What is the correct entry;for Flores on November 10?;3. (TCO 7) Which of the following does not change the balance in accounts receivable?;4. (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;5. (TCO 7) At January 1, 2011, Farley Co. had a credit balance of;$520,000 in its allowance for uncollectible accounts. Based on past;experience, 2% of Farley's credit sales have been uncollectible. During;2011, Farley wrote off $650,000 to accounts receivable. Credit sales for;2011 were $18,000,000. In its December 31, 2011 balance sheet, what;amount should Farley report as allowance for uncollectible accounts?


Paper#39206 | Written in 18-Jul-2015

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