Term
| 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? (NCCTE.9_12.BE.6311.CA05.02) |
|
Definition
| Debit Uncollectible Accounts Expense, $450.00; credit Accounts Receivable/Coffey's Diner, $450.00 |
|
|
Term
| Maple Tree Candy Factory estimates uncollectible accounts expense by calculating a percentage of total sales on account. Total sales on account for the year are $185,000.00. In the past, actual uncollectible accounts expense has been about 0.5% of total sales on account. What is the estimated uncollectible accounts expense for the year? (NCCTE.9_12.BE.6311.CA05.02) |
|
Definition
|
|
Term
| Pet Food Wholesale estimates its uncollectible accounts expense for the year to be $1,500.00. What is the correct entry to record the estimated uncollectible accounts expense? (NCCTE.9_12.BE.6311.CA05.02) |
|
Definition
| Debit Uncollectible Accounts Expense, $1,500.00; credit Allowance for Uncollectible Accounts, $1,500.00 |
|
|
Term
| 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? (NCCTE.9_12.BE.6311.CA05.02) |
|
Definition
| Debit Uncollectible Accounts Expense, $800.00; credit Allowance for Uncollectible Accounts, $800.00 |
|
|
Term
| 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? (NCCTE.9_12.BE.6311.CA05.02) |
|
Definition
| Debit Accounts Receivable/Cathy Martin, $75.00; credit Allowance for Uncollectible Accounts, $75.00 |
|
|
Term
| 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? (NCCTE.9_12.BE.6311.CA05.03) |
|
Definition
| Debit Depreciation Expense $7,525.00; credit Accumulated Depreciation $7,525.00 |
|
|
Term
| Creative Art Supplies has depreciation expense of $950.00 at the end of the fiscal year. What is the entry to journalize the depreciation expense? (NCCTE.9_12.BE.6311.CA05.03) |
|
Definition
| Debit Depreciation Expense $950.00; credit Accumulated Depreciation $950.00 |
|
|
Term
|
JOHN SLOW, INC.
|
|
CASH PAYMENTS JOURNAL
|
|
|
|
|
|
|
|
|
|
ACCOUNTS
|
PURCHASES
|
|
|
|
|
|
|
CK
|
POST.
|
GENERAL
|
PAYABLE
|
DISCOUNT
|
CASH
|
|
|
DATE
|
ACCOUNT TITLE
|
NO
|
REF.
|
DEBIT
|
CREDIT
|
DEBIT
|
CREDIT
|
CREDIT
|
|
1
|
Jan
|
1
|
Bill's Marina
|
194
|
|
|
|
595.00
|
|
595.00
|
|
2
|
|
|
|
|
|
|
|
|
|
|
Figure 3.03 A
Which is the correct posting of the Cash Payments Journal Entry shown in Figure 3.03 A to the accounts payable subsidiary ledger?
(NCCTE.9_12.BE.6311.CA03.03) |
|
Definition
| Debit Accounts Payable/Bill's Marina, $595 |
|
|
Term
Master Marketing signed a $40,000, 90-day note at 6% on June 1, 2009. Master Marketing uses a 360-day year.
|
19.
|
Using the information given in Scenario 5.01 C, what is the maturity date of the note payable? (NCCTE.9_12.BE.6311.CA05.01)
|
|
|
Definition
|
|
Term
| The Style Company signed a one-year, 10%, interest-bearing note for $10,000.00 with First American Bank. What is the journal entry for the issuance of the note payable? (NCCTE.9_12.BE.6311.CA05.01) |
|
Definition
| Debit Cash $10,000.00; Credit Notes Payable $10,000.00 |
|
|
Term
| 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? (NCCTE.9_12.BE.6311.CA05.01) |
|
Definition
| Debit Cash $697.50; Credit Interest Income $47.50; Credit Notes Receivable $650.00 |
|
|
Term
| 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? (NCCTE.9_12.BE.6311.CA05.01) |
|
Definition
| Debit Cash $1,295.00; Credit Interest Income $95.00; Credit Notes Receivable $1,200.00 |
|
|
Term
| 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? (NCCTE.9_12.BE.6311.CA05.01) |
|
Definition
|
|
Term
Master Marketing signed a $40,000, 90-day note at 6% on June 1, 2009. Master Marketing uses a 360-day year.
|
24.
|
Using the information given in Scenario 5.01 C, what is the total amount of interest to be paid on this note? (NCCTE.9_12.BE.6311.CA05.01)
|
|
|
Definition
|
|
Term
| 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? (NCCTE.9_12.BE.6311.CA05.01) |
|
Definition
| Debit Cash $3,000.00; credit Notes Payable $3,000.00 |
|
|
Term
| Sneakers Snack Shop signed a $30,000, 90-day, 8%, interest-bearing note on August 1, 2009. Using a 360-day year, what is the maturity value of the note? (NCCTE.9_12.BE.6311.CA05.01) |
|
Definition
|
|
Term
| Hair Design Supply Company estimates uncollectible accounts expense by calculating a percentage of total sales on account. Total sales on account for the year are $1,200,000.00. In the past, actual uncollectible accounts expense has been about 2.0% of total sales on account. What is the estimated uncollectible accounts expense for the year? (NCCTE.9_12.BE.6311.CA05.02) |
|
Definition
|
|
Term
| On Your Mark Writing Supplies estimates uncollectible accounts expense by calculating a percentage of total sales on account. Total sales on account for the year are $175,000.00. 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? (NCCTE.9_12.BE.6311.CA05.02) |
|
Definition
|
|
Term
|
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? (NCCTE.9_12.BE.6311.CA05.02)
|
|
|
Definition
|
|
Term
| Western Textile Company estimates uncollectible accounts expense by calculating a percentage of total sales on account. Total sales on account for the year are $5,275,000.00. 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? (NCCTE.9_12.BE.6311.CA05.02) |
|
Definition
|
|
Term
| On 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? (NCCTE.9_12.BE.6311.CA05.02) |
|
Definition
| Debit Accounts Receivable/ Pen & Paper, $225.00; Credit Allowance for Uncollectible Accounts, $225.00 |
|
|
Term
| 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? (NCCTE.9_12.BE.6311.CA05.02) |
|
Definition
| Debit Uncollectible Accounts Expense, $250.00; Credit Accounts Receivable/Joe Coffey, $250.00 |
|
|
Term
|
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? (NCCTE.9_12.BE.6311.CA05.02)
|
|
|
Definition
| Debit Uncollectible Accounts Expense, $375.00; Credit Accounts Receivable/John Taylor, $375.00 |
|
|
Term
| 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? (NCCTE.9_12.BE.6311.CA05.02) |
|
Definition
| Debit Uncollectible Accounts Expense, $450.00; credit Accounts Receivable/Coffey's Diner, $450.00 |
|
|
Term
| 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? (NCCTE.9_12.BE.6311.CA05.02) |
|
Definition
| Debit Uncollectible Accounts Expense, $4,250.00; credit Allowance for Uncollectible Accounts, $4,250.00 |
|
|
Term
| 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? (NCCTE.9_12.BE.6311.CA05.02) |
|
Definition
| Debit Uncollectible Accounts Expense, $950.00; credit Allowance for Uncollectible Accounts, $950.00 |
|
|
Term
| 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? (NCCTE.9_12.BE.6311.CA05.02) |
|
Definition
| Debit Accounts Receivable/Cathy Martin, $75.00; credit Allowance for Uncollectible Accounts, $75.00 |
|
|
Term
|
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? (NCCTE.9_12.BE.6311.CA05.02)
|
|
|
Definition
| Debit Accounts Receivable/Little Angels, $125.00; credit Allowance for Uncollectible Accounts, $125.00 |
|
|
Term
| Mountain Business Services purchased a computer on January 1, 2009 for $3,600.00. The estimated salvage (disposal) value is $200.00 and the estimated useful life is 5 years. What is the annual depreciation expense? (NCCTE.9_12.BE.6311.CA05.03) |
|
Definition
|
|
Term
| Burger Boy Diner purchased a commercial oven on January 1, 2009 for $5,800.00. The estimated salvage (disposal) value is $200.00 and the estimated useful life is 7 years. What is the annual straight-line depreciation expense? (NCCTE.9_12.BE.6311.CA05.03) |
|
Definition
|
|
