Accounting Quiz 3 |2024-2025
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Terms in this set (20)
At what amount will $99,840
accounts receivable for
Infinity Company be
reported on the balance
sheet if the gross
receivable balance is
$104,000 and the
allowance for doubtful
accounts is estimated at
4% of gross receivables?
If a company fails to Overstates Net Income
make an adjusting entry
to estimate doubtful
accounts, then this error:
On December 31, 2016 The balance of the Allowance for Doubtful
before adjusting entries, Accounts will be $44,000 after adjustment.
Accounts Receivable for
CNN Company had a
debit balance of
$400,000, and the
Allowance for Doubtful
Accounts had a credit
balance of $12,000.
Credit sales for the year
were $3,200,000. If credit
losses are estimated at 1%
of credit sales:
Assume the following Bad Debts Expense 24,000
unadjusted account
balances at the end of Allowance for Doubtful Accounts 24,000
the accounting period for
Morgen Company:
Accounts Receivable,
$200,000; Allowance for
Doubtful Accounts,
$2,800 (debit balance);
and Net sales,
$2,400,000. If Morgen's
past experience indicates
credit losses of 1% of net
sales, the adjusting entry
to estimate doubtful
accounts is:
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