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devry acc304 week 5 quiz

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Question;(TCO 7) Compensating balances represent;funds in a bank account that cannot be spent.;balances in a payroll checking account.;accounts that are subject to bank service;charges.;accounts on which banks pay interest, such as;NOW accounts.;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 December 5, 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) Hazelton Manufacturing prepares a bank;reconciliation at the end of every month. At the end of May, the general ledger;checking account showed a balance of $1,360, and the bank statement showed a;bank balance of $1,445. Outstanding checks totaled $350, and deposits in;transit were $150. The bank statement listed service charges of $30 and NSF;checks totaling $85. The corrected cash balance is;$1,130.;$1,160.;$1,245.;$1,445.;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#40372 | Written in 18-Jul-2015

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