Fa Trial

27871 Words Aug 17th, 2013 112 Pages
* Question 1
0 out of 10 points | | | Winston Corp. had $1,800 of supplies on hand at January 1. During the year, supplies with a cost of $4,000 were purchased. At December 31, the actual supplies on hand amount to $1,300. After the adjustments are recorded and posted at December 31, determine the balances in the Supplies and Supplies Expense accounts. Supplies ; Supplies ExpenseAnswer | | | | | Selected Answer: | [None Given] | Correct Answer: | $1,300; $4,500 | Response Feedback: | $1,800 (Supplies at Jan. 1) + $4,000 (Amount purchased) - $1,300 (Supplies at Dec. 31) =
$4,500 (Supplies Expense) | | | | | * Question 2
0 out of 10 points | | | Which of the following is the attribute used to
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If Satin uses the aging of accounts receivable approach to estimate its bad debts, what will be the net realizable value of its accounts receivable after the adjustment for bad debt expense?Answer | | | | | Selected Answer: | [None Given] | Correct Answer: | $219,000 | Response Feedback: | $250,000 (Accounts Receivable at Dec. 31) - $31,000 (Allowance) = $219,000 | | | | | * Question 11
0 out of 10 points | | | Allowance for Doubtful Accounts represents:Answer | | | | | Selected Answer: | [None Given] | Correct Answer: | The difference between the gross amount of accounts receivable and the net realizable value of accounts receivable | | | | | * Question 12
0 out of 10 points | | | If a company uses the allowance method of accounting for bad debts, which one of the following statements is true?Answer | | | | | Selected Answer: | [None Given] | Correct Answer: | It will

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