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1. Allowance for uncollectible accounts is a

a. deferred charge to expense.
b. contra asset account.
c. deferred revenue account.
d. contra-liability.

2. Which of the given is recorded by credit to Accounts receivable?

a. Sale of inventory on account.
b. Estimating the annual allowance for doubtful accounts.
c. Estimating annual sales returns.
d. prepare-offs of bad debts.

3. Collections of accounts receivable which previously have been written off are credited to:

a. a gain account.
b. accounts receivable.
c. bad debts expense.
d. retained earnings.

4. Which of the given do not change balance in Accounts receivable?

a. Returns on credit sales
b. Collections from customer accounts
c. Bad debts expense adjustment
d. prepare-offs

5. Market, Inc. got two notes from customers for sales which it made to them in 2008. Notes included:

Note A: Dated 5/31/08, principal of $120,000 and interest due 3/31/09.
Note B: Dated 7/1/08, principal of $200,000 and interest at 8% annually, due on 4/1/09.
Market reported accrued interest receivable from these notes of $14,400 on its 12/31/08 balance sheet. Compute annual interest rate on Note A?

a. 9.14%
b. 8%
c. 9.74%
d. 9.44%

Accounting Basics, Accounting

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