The cheque which is issued to creditor but is not presented for payment is called? Omitted cheque Uncredited cheque Outstanding cheque Dishonoured cheque
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- Explain the following terms: a. Dishonoured cheques b. Credit transfer c. Standing orders d. Un-presented cheques e. Late lodgementsWhat are voided cheques? How are they different from normal cheques?If the maker of a promissory note fails to pay the note on the due date, the note is said to bea.displacedb.disallowedc.discountedd.dishonored If the direct write-off method of accounting for uncollectible receivables is used, what general ledger account is debited to write off a customer’s account as uncollectible? a.Bad Debt Expenseb.Uncollectible Accounts Receivablec.Accounts Receivabled.Allowance for Doubtful Accounts Selling receivables is calleda.sold receivablesb.factoringc.sales revenued.a facto
- Using the allowance method, the entry to record a write-off of accounts receivable will include a. A debit to Bad Debt Expense.b. A debit to Allowance for Uncollectible Accounts. c. No entry because an allowance for uncollectible accounts was established in an earlier period. d. A debit to Service Revenue.If 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 receivableWhich of the following accounting entries is correct? a) Record of issuance of bills receivable B) Cancellation of the rediscount transaction reserved for bills receivable at the beginning of the period NS) Posting of interest on notes receivable D) Register of notes receivable becoming worthless TO) Recording of the rediscount transaction for notes receivable at the end of the period
- If 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? Accounts Receivable Allowance for Doubtful Accounts Interest Expense Uncollectible Accounts ExpenseNon-trade receivables are generally dassified and reported as separate iterns in the balance sheet or in a note that is cross-referenced to the balance sheet statement. Identily the non-trade reGeivables Irom the following given options. O a. Notes receivables • b. Cash receivables on sale of goods on credit O c. Dividends receivables O d. AllWhich of the following will increase the balance of accounts receivable? Group of answer choices Note discounted was dishonored by issuer at due date. Receipts of notes receivable as settlement of outstanding customer account. Sale of goods for cash. Collection of outstanding receivables.
- The trade and other receivables note will include the following items? A.Debtors control + allowance for credit losses - prepaid expenses B.Noneof the above C.Debtors control + allowanceTrue or False. All payments by cheque are recorded in the cash payments journal. Any GST/HST paid on cash purchases are recorded in this journal as welWhen 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 Expense
