Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
17 Cards in this Set
- Front
- Back
|
. Under the agingof a company's accounts receivable, the uncollectible accounts are estimated tobe $26,000. If the unadjustedbalance for the Allowance for Doubtful Accounts is $9,000 debit, what is the amount of bad debts expense for the year? |
35,000 |
|
|
The net realizable value of the Accounts Receivable is $21,000before the write off of a $1,500 account. What is the net realizable valueafter the write off? |
21,000 |
|
|
Under the aging of a company's accounts receivable, the uncollectible accounts are estimated to be $12,000. The unadjusted balance for the Allowance for Doubtful Accounts is $2,000 credit. What is the balance in the Allowance for Doubtful Accounts account after adjustment? nt--> |
12,000 |
|
|
Under the aging of a company's accounts receivable, the uncollectible accounts are estimated to be $12,000. The unadjusted balance for the Allowance for Doubtful Accounts is $2,000 credit. What is the amount of bad debts expense for the year? |
10,000 |
|
|
McDonald’suses the accrual basis of accounting. McDonald’s prepares catering food on May31. The customer ordered the service on May 15. They picked up the food June 1. The customer pays for the food on June 15. When would they recognize the revenue asbeing earned? |
june 1 |
|
|
Dairy Princess is a consumer electronics retailer in Ontario (HST 13%). It bough a laptop from the supplier at $1000 before HST, sold the laptop to the customer at $1500. How much HST should XYZ Electronics remit to the government for this transaction? |
65 |
|
|
Sam’s Coffee purchases $5,000 of merchandise on March 1, with credit terms of 2/10, n/30. If Martin pays March 10, what is the cost of the purchase? |
4,900 |
|
|
The following totals are for the month of August payroll summary. Gross salaries.................................... ..... $49,500 CPP withheld.................................. ......... $1,065 Income taxes withheld.................. ......... 5,200 Medical insurance deductions.................. 675 EI withheld........................................ .......... 867 Union dues withheld.................................. $324 How much would the employer remit the payroll deductions to the Receiver General (the government)? |
9411 |
|
|
if Harvey purchases a fountain soda pop ($1) and bagel withcream cheese ($4.50) how much tax would he pay in Ontario? |
0.59 |
|
|
Notification by the bank that a customer’s depositedcheque was returned NSF requires that the depositor make the followingadjusting entry |
AccountsReceivable Cash |
|
|
Anaging of a company's accounts receivable indicates that $6,500 is estimated tobe uncollectible. If Allowance for Doubtful Accounts has a $1,200 creditbalance, the adjustment to record bad debts for the period will require a |
debit to Bad Debts Expense for $5,300 |
|
|
On Druskus Corp.’s April bank reconciliation, cheques outstanding totalled $7,200. In May, the corporation issued cheques totalling $43,300. The May bank statement shows that $32,900 in cheques cleared the bank in May. A cheque from one of Druskus Corp.'s customers in the amount of $290 was also returned marked "NSF." The amount of outstanding cheques on Druskus' May bank reconciliation should be L |
17,600 |
|
|
1. On December 1, 2016 they received $20,000 for services to be performed in January 2017 |
sales unearnd revenue |
|
|
Pre-tax cash sales amounted to $75,000.HST is collected on all sales. |
Cash ($75,000 + $9,750) 84,750 Sales 75,000 Sales TaxPayable ($75,000 x 13%) 9,750 |
|
|
Purchased$65,000 is fashion merchandise to be sold, on account from Dino Distributors |
Purchases 65,000 Sales Tax Payable 8,450 AccountsPayable 73,450 |
|
|
Received theannual property tax bill for $7,500 payable on June 1. |
Property Tax Expense ($7,500 x 2/12) 1,250 PropertyTax Payable 1,250
|
|
|
Paid the propertytaxes bill in full |
Property Tax Payable Property TaxExpense Prepaid PropertyTax ($7,500 x 7/12) Cash |
