Reference no: EM1364850
1. Which of the following receivables would not be classified as an "other receivable"?
a. Advance to an employee
b. Refundable income tax
c. Notes receivable
d. Interest receivable
2. An aging of a company's accounts receivable indicates that $6,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,100 credit balance, the adjustment to record bad debts for the period will require a
a. debit to Bad Debts Expense for $6,000.
b. debit to Allowance for Doubtful Accounts for $4,900.
c. debit to Bad Debts Expense for $4,900.
d. credit to Allowance for Doubtful Accounts for $6,000.
3. Winter Furniture factors $400,000 of receivables to Fair Factors, Inc. Fair Factors assesses a 2% service charge on the amount of receivables sold. Winter Furniture factors its receivables regularly with Fair Factors. What journal entry does Winter make when factoring these receivables?
a. Cash .............................. 392,000
Loss on Sale of Receivables ....... 8,000
Accounts Receivable ........... 400,000
b. Cash .............................. 392,000
Accounts Receivable ........... 392,000
c. Cash .............................. 400,000
Accounts Receivable ........... 392,000
Gain on Sale of Receivables ... 8,000
d. Cash .............................. 392,000
Service Charge Expense ............ 8,000
Accounts Receivable ........... 400,000
4. A company purchased land for $80,000 cash. Real estate brokers' commission was $5,000 and $7,000 was spent for demolishing an old
building on the land before construction of a new building could start. Under the cost principle, the cost of land would be recorded at
a. $87,000.
b. $80,000.
c. $85,000.
d. $92,000.
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