collecting 300 dollars of account receivable 1. no effect on total asset 2. decrease an asset and Decrease liability 3. Decrease an asset increase equity 4. increase asset Decrease liability
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collecting 300 dollars of account receivable
1. no effect on total asset
2. decrease an asset and Decrease liability
3. Decrease an asset increase equity
4. increase asset Decrease liability
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- What is the net impact to total assets when an account receivable is written off? decrease in total assets increase in total assets not enough information given no impact to total assets ubmit the exam until4. Under the allowance method, the entries at the time of. collection of an account previously written off would a. Decrease the allowance for doubtful accounts b. Increase net income c. Have no effect on the allowance for doubtful accounts d. Have no effect on net income 5. Collection of accounts receivable previously written off results in an increase in cash and an increase in a. Accounts receivable b. Allowance for doubtful accounts C. Bad debt expense d. Retained earnings. Which method of recording bad debt loss is consistent with accrual accounting? a. Allowance method b. Direct writeoff method c. Percent of sales method d. Percent of accounts receivable method - When the allowance method is used, the entry to record the writeoff of a specific account would Decrease both accounts receivable and the allowance b. Decrease accounts receivable and increase allowance Increase both accounts receivable and the allowance d. Increase accounts receivable and decrease the allowance 3. Under the allowance method, the journal entry to record the writeoff of a specific uncollectible account a. Affects neither net income nor working capital b. Affects neither net income nor accounts receivable c. Decreases both net income and working capital d. Decreases both net income and accounts receivable 4. Under the allowance method, the entries at the time of collection of an account previously written off would a. Decrease the allowance for doubtful accounts b. Increase net…
- A B UD C |7. If bad debts expense is determined by estimating uncollectible accounts receivable, the entry to record the write-off of a specific uncollectible account would decrease: allowance for uncollectible accounts. net income. net book value of accounts receivable. bad debts expense. 8. If management intentionally underestimates bad debts expense, then net income is A overstated and assets are understated. B understated and assets are overstated C understated and assets are understated. D overstated and assets are overstated 9. Which of these items will not appear in the retained earnings statement? A Net Loss B Prior period adjustment, net of taxes с Cumulative effect on prior years of a change in accounting principles, net of tax D Dividends. E All of the above appear in the statement of retained earningsMultiple choice: 1.Collection of an account receivable would: A.decrease liabilities B. have no effect on owner's equity C. decrease owner’s equity D. increase total assetsRecording bad debt expense under the allowance method will have what effect on the financial statements? Select one: a. Profit is unchanged and total assets decrease b. Profit decreases and total assets is unchanged c. Profit is unchanged and total assets is unchanged d. Profit increases and total assets decrease e. Profit decreases and total assets decrease
- Collection of accounts receivable previously written off results in an increase in cash and an increase in a. Accounts receivable b. Allowance for doubtful accounts C. Bad debt expense d. Retained earnings1. Which of the following statements is FALSE?A. Increase in asset is debited.B. Decrease in asset is creditedC. Increase in liability is debited.D. Decrease in liability is debited.2. Which of the following statements is FALSE?A. Increase in expense is debited.B. Increase in cash is debited.C. Decrease in notes receivable is credited.D. Decrease in accounts payable is credited.3. Which of the following statements is FALSE?A. Increase in capital investment is credited.B. Increase in withdrawal is debited.C. Increase in interest income is debited.D. Decrease in loan payable is debited.4. Which of the following statements is FALSE?A. Increase in unearned revenue is credited.B. Increase in revenue is debited.C. Decrease in supplies is credited.D. Decrease in allowance for doubtful accounts is debited.5. Which of the following statements is FALSE?A. Increase in equipment is debited.B. Increase in mortgage payable is credited.C. Decrease in unearned revenue is debited.D. Increase in…23) Under the allowance method, the entry to record the write-off of a specific account would A. Decrease both accounts receivable and net income B. Increase the allowance for uncollectible accounts and decrease net income C. Decrease both accounts receivable and the allowance for uncollectible accounts D. Decrease accounts receivable and increase the allowance for uncollectible accounts
- 22. Which situation indicates a loss on the income statement when preparing worksheet?A. Total debits equal total credits.B. Total credits exceed total debitsC. Total debits exceed total creditD. None of the choices 23. Which of the following is not shown in the Balance Sheet?A. RevenueB. CashC. LandD. Accounts Payable 24.In which columns of a worksheet would the adjusted balance of accumulated depreciation appear?A. Adjusted trial balance credit, Balance Sheet debit.B. Adjusted trial balance credit, income statement creditC. Adjusted trial balance debit, balance sheet debitD. Adjusted trial balance credit, balance sheet credit 26. If total credits exceed total debits in the Balance Sheet columns of a worksheet:A. A loss has occurred.B. A mistake has been made.C. A profit has occurredD. No conclusion can be drawn. 27. The components of the balance sheet equation are:A. Assets, income and owner's equity.B. Assets, liabilities and owner's equity.C. Income, expenses and profit.D.…Capital Loss (MSS Loss) account is an expense account and increased by a credit. a. False O b. True 12Requirements: Determing the effect of the errors to the following: 1. 20x2 net income2. 20x3 net income3. 20x4 net income4. 20x4 retained earnings, beginning5. 20x4 retained earnings, ending6. 20x4 working capital