Question 1

Prepare general journal entries for the following transactions of LaurierCompany, who use the perpetual inventory system:

Accepted Answer

The answer of Prepare general journal entries for the following...

Question 2

The days' sales uncollected ratio measures a company's ability to manage its debt.

Accepted Answer

A) True 
 B)False

Question 3

Outdoors Unlimited had net sales for YR 1 of $285,000 and $575,000 for YR 2.The year-end balances of accounts receivable were $49,000 for YR 1 and$85,000 for YR 2and describe any changes in the apparent liquidity of the company's receivables.

Accepted Answer

YR 1 = 63 days; YR 2 = 54 days

Question 4

Fife Company has the following account balances at December 31 of the currentyear. Fife uses the aging of accounts receivable to estimate bad debts.The following aging schedule reflects the situation at year-end:

Accepted Answer

The answer of Fife Company has the following account balances...

Question 5

Z-Mart had $12,000 in accounts receivable and $320,000 in net sales for the period. To one decimal, Z-Mart's days' sales uncollected was 13.7 days.

Accepted Answer

A) True 
 B)False

Question 6

The matching principle requires that accrued interest on outstanding accounts receivable be recorded at the end of an accounting period.

Accepted Answer

A) True 
 B)False

Question 7

The person who signs a note receivable and promises to pay is the:

Accepted Answer

A) Payee. 
B) Receiver. 
C) Owner. 
D) Maker. 
E) Holder. 
A) Payee. 
B) Receiver. 
C) Owner. 
D) Maker. 
E) Holder.

Question 8

A 90-day note issued on July 10 matures on:

Accepted Answer

A) October 7. 
B) October 8. 
C) October 9. 
D) October 10. 
E) October 11. 
A) October 7. 
B) October 8. 
C) October 9. 
D) October 10. 
E) October 11.

Question 9

Rotel purchased merchandise from TechCom on October 17, 2014. TechCom accepted Rotel's $4,800, 90-day, 10% note as payment. TechCom has a December 31st year end. What entry should TechCom make on January 15, 2015 when the note is honoured?

Accepted Answer

A)   
B)   
C)   
D)   
E)   
A)   
B)   
C)   
D)   
E)

Question 10

The person that borrows money and signs a promissory note is called the payee.

Accepted Answer

A) True 
 B)False

Question 11

Stricker Company accepted a $10,000, 8%, 90-day note dated May 16, from Johnson Corp, for each of the following independent assumptions:(a)Note was held until maturity and collected on time.(b)Note was dishonoured

Accepted Answer

The answer of Stricker Company accepted a $10,000, 8%, 90-day...

Prepare general journal entries for the following transactions of LaurierCompany, who use the perpetual inventory system:

The days' sales uncollected ratio measures a company's ability to manage its debt.

Outdoors Unlimited had net sales for YR 1 of $285,000 and $575,000 for YR 2.The year-end balances of accounts receivable were $49,000 for YR 1 and$85,000 for YR 2and describe any changes in the apparent liquidity of the company's receivables.

Fife Company has the following account balances at December 31 of the currentyear. Fife uses the aging of accounts receivable to estimate bad debts.The following aging schedule reflects the situation at year-end:

Z-Mart had $12,000 in accounts receivable and $320,000 in net sales for the period. To one decimal, Z-Mart's days' sales uncollected was 13.7 days.

The matching principle requires that accrued interest on outstanding accounts receivable be recorded at the end of an accounting period.

The person who signs a note receivable and promises to pay is the:

A 90-day note issued on July 10 matures on:

Rotel purchased merchandise from TechCom on October 17, 2014. TechCom accepted Rotel's $4,800, 90-day, 10% note as payment. TechCom has a December 31st year end. What entry should TechCom make on January 15, 2015 when the note is honoured?

The person that borrows money and signs a promissory note is called the payee.

Stricker Company accepted a $10,000, 8%, 90-day note dated May 16, from Johnson Corp, for each of the following independent assumptions:(a)Note was held until maturity and collected on time.(b)Note was dishonoured

Accounting in Business

Analyzing and Recording Transactions

Adjusting Accounts for Financial Statements

Completing the Accounting Cycle and Classifying Accounts

Accounting for Merchandising Activities

Inventory Costing and Valuation

Internal Control and Cash

Appendix

Filters

Exam 8: Receivables

Prepare general journal entries for the following transactions of LaurierCompany, who use the perpetual inventory system:

The days' sales uncollected ratio measures a company's ability to manage its debt.

Outdoors Unlimited had net sales for YR 1 of $285,000 and $575,000 for YR 2.The year-end balances of accounts receivable were $49,000 for YR 1 and$85,000 for YR 2and describe any changes in the apparent liquidity of the company's receivables.

Fife Company has the following account balances at December 31 of the currentyear. Fife uses the aging of accounts receivable to estimate bad debts.The following aging schedule reflects the situation at year-end:

Z-Mart had $12,000 in accounts receivable and $320,000 in net sales for the period. To one decimal, Z-Mart's days' sales uncollected was 13.7 days.

The matching principle requires that accrued interest on outstanding accounts receivable be recorded at the end of an accounting period.

The person who signs a note receivable and promises to pay is the:

A 90-day note issued on July 10 matures on:

Rotel purchased merchandise from TechCom on October 17, 2014. TechCom accepted Rotel's $4,800, 90-day, 10% note as payment. TechCom has a December 31st year end. What entry should TechCom make on January 15, 2015 when the note is honoured?

The person that borrows money and signs a promissory note is called the payee.

Stricker Company accepted a $10,000, 8%, 90-day note dated May 16, from Johnson Corp, for each of the following independent assumptions:(a)Note was held until maturity and collected on time.(b)Note was dishonoured

Accounting in Business

Analyzing and Recording Transactions

Adjusting Accounts for Financial Statements

Completing the Accounting Cycle and Classifying Accounts

Accounting for Merchandising Activities

Inventory Costing and Valuation

Internal Control and Cash

Appendix

Filters