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ACCY 200 Chapter 5; Questions & Answers 100% Verified $11.49   Add to cart

Exam (elaborations)

ACCY 200 Chapter 5; Questions & Answers 100% Verified

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  • ACC 200
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  • ACC 200

ACCY 200 Chapter 5; Questions & Answers 100% Verified The allowance for bad debts is ____ to/from accounts receivable Correct answersubtracted from "Net accounts receivable" represents the balance of an asset account less the balance of a ____ Correct answer-contra asset account "Net acco...

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  • August 8, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ACC 200
  • ACC 200
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ACCY 200 Chapter 5; Questions & Answers
100% Verified
The allowance for bad debts is ____ to/from accounts receivable Correct answer-
subtracted from




"Net accounts receivable" represents the balance of an asset account less the balance of a ____
Correct answer-contra asset account




"Net accounts receivable" is the ____ value reported on the balance sheet Correct
answer-net realizable




the allowance for bad debts represents the estimated amount of accounts receivable that will
be ____ in the future Correct answer-written off




NSF (not sufficient funds) checks are ____ to/from the company's book balance Correct
answer-subtracted from




collateral Correct answer-identification of security pledged by the borrower to support
the loan




service charges are ____ to/from the company's book balance Correct answer-subtracted
from



the cash amount reported as an asset on the balance sheet includes which:

, ACCY 200 Chapter 5; Questions & Answers
100% Verified
- undeposited receipts

- demand deposit balances

- petty cash fund balances

- expected litigation settlements Correct answer-- undeposited receipts

- demand deposit balances

- petty cash fund balances




how is an expected litigation settlement reported on the balance sheet Correct answer-
reported as a receivable if it was probably that the amounts would be received and the
amounts were reasonably estimable




the impact on the financial statements of a write-off of an account receivable includes:

- an increase to total liabilities

- a decrease to a contra asset account

- a decrease to an asset account

- an increase to expenses Correct answer-- a decrease to a contra asset account

- a decrease to an asset account



Assume that the balances in Accounts Receivable and the Allowance for Bad Debts accounts
were $50,000 and $3,000, respectively, before a write-off entry for $1,000 was recorded. how

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