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When referring to a note receivable or promissory note
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- When a company receives a deposit from a customer to protect itself against nonpayment for future services, the deposit should be classified by the company as: a. revenue b. a liability c. part of the allowance for doubtful accounts d. a deferred credit deducted from accounts receivableWhich account type is used to record bad debt estimation and is a contra account to Accounts Receivable?When an account is written off under the allowance method, there should be a debit to Bad Debt Expense.
- What should be done if differences are found between the bank statement and the book account?When a business borrows money from a bank on a non-interest-bearing note, how are the bank discount and proceeds calculated?Discounting is a transfer or endorsement of a promissory note by the payee in favor of another party usually a bank where the payee becomes the endorsee TRUE OR FALSE
- Which of the following is true when accounts receivable are hypothecated against borrowing? Exclude the hypothecated receivables to the total receivables without disclosures Disclose the hypothecated receivables in the notes to financial statement or notes thereto Add the hypothecated receivables to allowance for doubtful accounts Exclude the hypothecated receivables to the total receivables with disclosuresWhich of the following is true when accounts receivable are factored without recourse? a. The transaction may be accounted for either as a secured borrowing or as a sale, depending upon the substance of the transaction. b. The financing cost (interest expense) should be recognized ratably over the collection period of the receivables. c. The receivables are used as collateral for a promissory note issued to the factor by the owner of the receivables. d. The factor assumes the risk of collectibility and absorbs any credit losses in collecting the receivables.Which of the following is not a correct statement? Accounts receivable represents credit sale, and thus, cannot be collected until maturity. Accounts receivable mainly consists of promissory notes and credit sales. Accounts receivable is part of the current assets. Accounts payable mainly consists of purchase of inventory on credit and notes payable. Accounts payable is part of the current liabilities.
- When a company uses the allowance method of accounting for uncollectible receivables, the entry to reinstate a previously written off account would include a a. debit to Allowance for Doubtful Accounts b. debit to Bad Debt Expense c. credit to Allowance for Doubtful Accounts d. credit to Bad Debt ExpenseIf the allowance method of accounting for uncollectible receivables is used, what general ledger account is credited to write off a customer's account as uncollectible? a.Interest expense b.Allowance for doubtful accounts c.Uncollectible accounts expense d.Accounts receivable
