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Exam 15: Accounts Receivable and Uncollectible Accounts

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Question 1

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Allowance for Doubtful Accounts is classified as

A) a Contra Asset on the Balance Sheet.
B) a Liability on the Balance Sheet.
C) an Expense on the Income Statement.
D) A Contra Expense on the Income Statement.

E) C) and D)
F) B) and C)

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Question 2

Multiple Choice

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A firm reported sales of $300,000 during the year.Prior to adjustment,Allowance for Doubtful Accounts has a debit balance of $100.Based on an aging of accounts receivable,the firm estimated its losses from uncollectible accounts to be $3,150.The entry to record the estimated bad debt losses will be:

A)

B)

C)

D)

E) C) and D)
F) A) and C)

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Question 3

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The allowance method may be used to record bad debt losses for income tax purposes.

Allowance for Doubtful Accounts has a credit balance of $2,000 immediately before the write-off of a $600 account receivable.The balance of Allowance for Doubtful Accounts immediately after the write-off is

Which of the following statements is not correct?

On December 31,prior to adjustment,Allowance for Doubtful Accounts has a credit balance of $200.An aging Analyze of the accounts receivable produces an estimate of $1,000 of probable losses from uncollectible accounts.The adjusting entry needed to record the estimated losses from uncollectible accounts is made for

On December 31,prior to adjustment,Allowance for Doubtful Accounts has a credit balance of $400.An aging analysis of the accounts receivable produces an estimate of $2,000 of probable losses from uncollectible accounts.The adjusting entry needed to record the estimated losses from uncollectible accounts is made for

On December 31,prior to adjustments,the balance of Accounts Receivable is $52,000 and Allowance for Doubtful Accounts has a debit balance of $600.The firm estimates its losses from uncollectible accounts to be 5% of accounts receivable at the end of the year.The adjusting entry needed to record the estimated losses from uncollectible accounts is made for

Under the Allowance Method of accounting for uncollectible accounts,a firm should base their estimate of uncollectible accounts on all of the following EXCEPT:

A firm reported sales of $500,000 during the year.Prior to adjustment,Allowance for Doubtful Accounts has a credit balance of $100.Based on an aging of accounts receivable,the firm estimated its losses from uncollectible accounts to be $5,200.The adjusting entry to record the estimated bad debt losses will be:

A firm reported net credit sales of $225,000 during the year and has a balance of $20,000 in its Accounts Receivable account at year-end.Prior to adjustments,Allowance for Doubtful Accounts has a debit balance of $100.The firm estimates its losses from uncollectible accounts to be one-half of 1 percent of net credit sales.The entry to record the estimated losses from uncollectible accounts will include a credit to Allowance for Doubtful Accounts for

When using the allowance method,the collection of an account previously written off is recorded in the cash receipts journal only.

Uncollectible Accounts Expense can be called Loss from Uncollectible Accounts.

On December 31,2016,prior to adjustments,Accounts Receivable has a debit balance of $370,000 and the Allowance for Doubtful Accounts has a credit balance of $400.The firm estimates its losses from uncollectible accounts to be 5% of accounts receivable at the end of the year.The amount of the adjusting entry needed to record the estimated losses from uncollectible accounts is

On December 31,2016,prior to adjustments,Accounts Receivable has a debit balance of $356,000 and the Allowance for Doubtful Accounts has a credit balance of $1,200.The firm estimates its losses from uncollectible accounts to be 4% of accounts receivable at the end of the year.The balance in the Allowance for Doubtful Accounts after the adjusting entry for the estimated losses from uncollectible accounts is:

The experience of other firms in the same line of business may be used in estimating losses from uncollectible accounts for a new firm.

Allowance for Doubtful Accounts has a credit balance of $1,000 immediately before the write-off of a $300 account receivable.The credit balance of Allowance for Doubtful Accounts immediately after the write-off is

When the allowance method of recognizing losses from uncollectible accounts is used,the entry to record the write-off of a specific account consists of a debit to

After the adjusting entry is made to record the estimate of losses from uncollectible accounts,Allowance for Doubtful Accounts should have a(n)____________________ balance.

A firm using the allowance method to provide for losses from uncollectible accounts collected the cash due from a customer whose account was previously written off.The entry to reinstate the customer's account included a credit to