Question 8 of 21 - Practice Chapter 7

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Saint Mary's University *

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3351

Subject

Accounting

Date

Apr 3, 2024

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pdf

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2

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3/27/24, 6:57 PM Question 8 of 21 - Practice Chapter 7 https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=842f49e4-6c91-4e70-a6f7-612f6c488a4a#/question/7 1/2 View Policies Show Attempt History Your Answer Correct Answer (Used) Your answer is correct. Your accounts receivable clerk, Mitra Adams, to whom you pay a salary of $1,500 per month, has just purchased a new Cadillac. You have decided to test the accuracy of the accounts receivable balance of $86,500 shown in the general ledger. The following information is available for your ±rst year in business: 1. Collections from customers are $198,000. 2. Merchandise purchased totalled $320,000. 3. Ending merchandise inventory is $99,000. 4. Goods are marked to sell at 40% above cost. (a) Estimate the ending balance of accounts receivable from customers that should appear in the ledger and any apparent shortages. Assume that all sales are made on account. Uncollected balance $ Apparent shortage $ eTextbook and Media Solution 111400 24900
3/27/24, 6:57 PM Question 8 of 21 - Practice Chapter 7 https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchId=842f49e4-6c91-4e70-a6f7-612f6c488a4a#/question/7 2/2 Assistance Used Attempts: unlimited
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