Term
|
Definition
| Using the information given in Scenario 5.01 B, what is the total amount of interest to be paid on this note |
|
|
Term
| Debit Accounts Receivable/Marty Smith $5,125.00; credit Interest Income $125.00; credit Notes Receivable $5,000.00 |
|
Definition
| Marty Smith dishonored a 180-day, 5% note for $5,000.00. What is the journal entry to record the dishonored note receivable? |
|
|
Term
| Debit Cash $1,675.00; credit Interest Income $75.00; credit Notes Receivable $1,600.00 |
|
Definition
| Lighten Up Electrical Supply received a payment of a note receivable in the amount of $1,675.00. Interest on the note receivable was $75.00. What is the journal entry to record the payment of the note receivable? |
|
|
Term
| Debit Accounts Payable/Jello Beans $2,000.00; credit Notes Payable $2,000.00 |
|
Definition
| Carson's Candy Shoppe signed a 60-day, 10% note to Jello Beans for an extension of time on its account payable in the amount of $2,000.00. What is the correct entry for Carson's Candy Shoppe to record the note payable for an extension of time? |
|
|
Term
| Debit Depreciation Expense $1,250.00; credit Accumulated Depreciation $1,250.00 |
|
Definition
| ichael's Soda Shoppe has depreciation expense of $1,250.00 at the end of the fiscal year. What is the entry to journalize the depreciation expense? |
|
|
Term
|
Definition
| NC Office Supply purchased a heating system on September 1, 2009 for $18,500.00. The estimated salvage (disposal) value is $500.00 and the estimated useful life is 10 years. What is the accumulated depreciation at the end of 2011? |
|
|
Term
|
Definition
| Joe's Taxi Service purchased a new taxi on March 1, 2009 for $24,000.00. The estimated salvage (disposal) value is $3,000.00 and the estimated useful life is 3 years. What is the accumulated depreciation at the end of 2011? |
|
|
Term
|
Definition
| NC Office Supply purchased a heating system on September 1, 2010 for $18,500.00. The estimated salvage (disposal) value is $500.00 and the estimated useful life is 10 years. What is the depreciation expense for 2010? |
|
|
Term
|
Definition
| Joe's Taxi Service purchased a new taxi on March 1, 2010 for $24,000.00. The estimated salvage (disposal) value is $3,000.00 and the estimated useful life is 3 years. What is the depreciation expense for 2010? |
|
|
Term
| Debit Accounts Receivable/Little Angels, $125.00; credit Allowance for Uncollectible Accounts, $125.00 |
|
Definition
| Mother Goose Children's Clothing received a check for $125.00 from Little Angels, whose account was previously written off. Mother Goose Children's Clothing uses the Allowance Method for uncollectible accounts. What is the correct entry to re-open the account for Little Angels? |
|
|
Term
| Debit Accounts Receivable/Cathy Martin, $75.00; credit Allowance for Uncollectible Accounts, $75.00 |
|
Definition
| Mary Ann's Sewing Notions received a check for $75.00 from Cathy Martin, whose account was previously written off. Mary Ann's Sewing Notions uses the Allowance Method for uncollectible accounts. What is the correct entry to re-open the account for Cathy Martin? |
|
|
Term
| Debit Uncollectible Accounts Expense, $4,250.00; credit Allowance for Uncollectible Accounts, $4,250.00 |
|
Definition
| Hair Design Supply estimates its uncollectible accounts expense for the year to be $4,250.00. What is the correct entry to record the estimated uncollectible accounts expense? |
|
|
Term
| Debit Uncollectible Accounts Expense, $450.00; credit Accounts Receivable/Coffey's Diner, $450.00 |
|
Definition
| Kitchen Supply Warehouse uses the direct write-off method when handling uncollectible accounts receivable. Coffey's Diner owes $450.00 on account. Kitchen Supply Warehouse determined this account to be uncollectible. Which is the correct entry for writing off this account? |
|
|
Term
| Debit Uncollectible Accounts Expense, $250.00; Credit Accounts Receivable/Joe Coffey, $250.00 |
|
Definition
| Legal Eagles Law Firm uses the direct write-off method when handling uncollectible accounts receivable. Joe Coffey owes $250.00 on account. Legal Eagles Law Firm determined this account to be uncollectible. Which is the correct entry for writing off this account? |
|
|
Term
| Debit Accounts Receivable/ Pen & Paper, $225.00; Credit Allowance for Uncollectible Accounts, $225.00 |
|
Definition
| Your Mark Writing Supplies received a check for $225.00 from Pen & Paper, whose account was previously written off. On Your Mark Writing Supplies uses the Allowance Method for uncollectible accounts. What is the correct entry to re-open the account for Pen & Paper? |
|
|
Term
|
Definition
| Pet Food Wholesale estimates uncollectible accounts expense by calculating a percentage of total sales on account. Total sales on account for the year are $750,000.00. In the past, actual uncollectible accounts expense has been about 1.0% of total sales on account. What is the estimated uncollectible accounts expense for the year? |
|
|
Term
| Debit Uncollectible Accounts Expense, $375.00; Credit Accounts Receivable/John Taylor, $375.00 |
|
Definition
| Steve's Auto Shop uses the direct write-off method when handling uncollectible accounts receivable. John Taylor owes $375.00 on account. Steve's Auto Shop determined this account to be uncollectible. Which is the correct entry for writing off this account? |
|
|
Term
| Debit Uncollectible Accounts Expense, $375.00; Credit Accounts Receivable/John Taylor, $375.00 |
|
Definition
| Steve's Auto Shop uses the direct write-off method when handling uncollectible accounts receivable. John Taylor owes $375.00 on account. Steve's Auto Shop determined this account to be uncollectible. Which is the correct entry for writing off this account? |
|
|
Term
| Debit Uncollectible Accounts Expense, $950.00; credit Allowance for Uncollectible Accounts, $950.00 |
|
Definition
| Workman Tools estimates its uncollectible accounts expense for the year to be $950.00. What is the correct entry to record the estimated uncollectible accounts expense? |
|
|
Term
| Debit Cash $3,000.00; credit Notes Payable $3,000.00 |
|
Definition
| Beach Bums Surf Shop signed a 90-day, 5%, interest-bearing note for $3,000.00 with First National Bank. What is the journal entry for the issuance of the note payable? |
|
|
Term
|
Definition
| High Country Apparel signed a $75,000, two-year, interest-bearing, 5% note on October 1, 2009. What is the maturity value of the note? |
|
|
Term
| Debit Cash $1,295.00; Credit Interest Income $95.00; Credit Notes Receivable $1,200.00 |
|
Definition
| Master Marketing received a payment of a note receivable in the amount of $1,295.00. Interest on the note receivable was $95.00. What is the journal entry to record the payment of the note receivable? |
|
|
Term
| Debit Cash $697.50; Credit Interest Income $47.50; Credit Notes Receivable $650.00 |
|
Definition
| Sports Warehouse received a payment in the amount of $697.50 for a note receivable. Interest on the note receivable was $47.50. What is the journal entry to record the payment of the note receivable? |
|
|
Term
|
Definition
| Using the information given in Scenario 5.01 C, what is the maturity date of the note payable? |
|
|
Term
| Debit Depreciation Expense $7,525.00; credit Accumulated Depreciation $7,525.00 |
|
Definition
| NC Office Supply has depreciation expense of $7,525.00 at the end of the fiscal year. What is the entry to journalize the depreciation expense? ( |
|
|
Term
| Debit Uncollectible Accounts Expense, $800.00; credit Allowance for Uncollectible Accounts, $800.00 |
|
Definition
| Maple Tree Candy Factory estimates its uncollectible accounts expense for the year to be $800.00. What is the correct entry to record the estimated uncollectible accounts expense? |
|
|
Term
| Debit Uncollectible Accounts Expense, $800.00; credit Allowance for Uncollectible Accounts, $800.00 |
|
Definition
| Maple Tree Candy Factory estimates its uncollectible accounts expense for the year to be $800.00. What is the correct entry to record the estimated uncollectible accounts expense? |
|
|
Term
| Debit Accounts Receivable/Cathy Martin, $75.00; credit Allowance for Uncollectible Accounts, $75.00 |
|
Definition
| Mary Ann's Sewing Notions received a check for $75.00 from Cathy Martin, whose account was previously written off. Mary Ann's Sewing Notions uses the Allowance Method for uncollectible accounts. What is the correct entry to re-open the account for Cathy Martin? |
|
|
Term
| Debit Uncollectible Accounts Expense, $450.00; credit Accounts Receivable/Coffey's Diner, $450.00 |
|
Definition
| Kitchen Supply Warehouse uses the direct write-off method when handling uncollectible accounts receivable. Coffey's Diner owes $450.00 on account. Kitchen Supply Warehouse determined this account to be uncollectible. Which is the correct entry for writing off this account? ( |
|
|
Term
| Debit Uncollectible Accounts Expense, $1,200.00; credit Accounts Receivable/Lark Construction, $1,200.00 |
|
Definition
| Mitchell Building Supplies uses the direct write-off method when handling uncollectible accounts receivable. Lark Construction owes $1,200.00 on account. Mitchell Building Supplies determined this account to be uncollectible. Which is the correct entry for writing off this account? |
|
|
Term
| Debit Notes Receivable $415.50; credit Accounts Receivable/Carson Tyler $415.50 |
|
Definition
| Carson Tyler has an overdue account in the amount of $415.50 with Mountain Oil Company. Mountain Oil Company agrees to accept a note receivable from Carson. What is the journal entry to record the acceptance of the note receivable? |
|
|
Term
| Debit Accounts Receivable/Marty Smith $5,125.00; credit Interest Income $125.00; credit Notes Receivable $5,000.00 |
|
Definition
| Marty Smith dishonored a 180-day, 5% note for $5,000.00. What is the journal entry to record the dishonored note receivable? |
|
|
