INTERMEDIATE ACCOUNTING-LL W/CONNECT
10th Edition
ISBN: 9781264009206
Author: SPICELAND
Publisher: MCG
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Textbook Question
Chapter 7, Problem 7.27E
Concepts; terminology
• LO7–1 through LO7–8
Listed below are several terms and phrases associated with cash and receivables. Pair each item from List A (by letter) with the item from List B that is most appropriately associated with it.
| List A | List B |
| ________ 1. Internal controla | a. Restriction on cash |
| ________ 2. Trade discount | b. Cash discount not taken is sales revenue |
| ________ 3. Cash equivalents | c. Includes separation of duties |
| ________ 4. Allowance for uncollectibles | d. Bad debt expense a % of credit sales |
| ________ 5. Cash discount | e. Recognizes |
| ________ 6. Balance sheet approach | f. Sale of receivables to a financial institution |
| ________ 7. Income statement approach | g. Include highly liquid investments |
| ________ 8. Net method | h. Estimate of bad debts |
| ________ 9. Compensating balance | i. Reduction in amount paid by credit customer |
| ________ 10. Discounting | j. Reduction below list price |
| ________ 11. Gross method | k. Cash discount not taken is sales discount forfeited |
| ________ 12. Direct write-off method | l. Bad debt expense determined by estimating amount of accounts receivable expected to be received |
| ________ 13. Factoring | m. Sale of note receivable to a financial institution |
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Question 7
The Vendor Number can be left blank in the case of a cash purchase.
False
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Question 5 of 18
Receivables arising from sales to customers are best described as
Select the correct response
Notes Receivable
OAccounts Receivables
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Question 8
A controlling account that equals the total of all customer accounts is:
Accounts Payable.
O Accounts Receivable
Cash
Purchases.
Chapter 7 Solutions
INTERMEDIATE ACCOUNTING-LL W/CONNECT
Ch. 7 - Prob. 7.1QCh. 7 - Prob. 7.2QCh. 7 - Prob. 7.3QCh. 7 - Prob. 7.4QCh. 7 - Prob. 7.5QCh. 7 - Prob. 7.6QCh. 7 - Prob. 7.7QCh. 7 - Distinguish between the gross and net methods of...Ch. 7 - Briefly explain the accounting treatment for sales...Ch. 7 - Explain the typical way companies account for...
Ch. 7 - Prob. 7.11QCh. 7 - Prob. 7.12QCh. 7 - Briefly explain the difference between the income...Ch. 7 - Prob. 7.14QCh. 7 - Is any special accounting treatment required for...Ch. 7 - Explain any possible differences between...Ch. 7 - Prob. 7.17QCh. 7 - What is meant by the discounting of a note...Ch. 7 - What are the key variables that influence a...Ch. 7 - Prob. 7.20QCh. 7 - Prob. 7.21QCh. 7 - (Based on Appendix 7B) Marshall Companies, Inc.,...Ch. 7 - Prob. 7.1BECh. 7 - Prob. 7.2BECh. 7 - Prob. 7.3BECh. 7 - Prob. 7.8BECh. 7 - Prob. 7.9BECh. 7 - Prob. 7.10BECh. 7 - Prob. 7.11BECh. 7 - Prob. 7.12BECh. 7 - Prob. 7.13BECh. 7 - Uncollectible accounts; balance sheet approach ...Ch. 7 - Uncollectible accounts; solving for unknown LO75,...Ch. 7 - Prob. 7.16BECh. 7 - Note receivable LO77 On December 1, 2018,...Ch. 7 - Long-term notes receivable LO74 On April 19,...Ch. 7 - Prob. 7.19BECh. 7 - Factoring of accounts receivable LO78 Refer to...Ch. 7 - Prob. 7.21BECh. 7 - Discounting a note LO78 On March 31, Dower...Ch. 7 - Receivables turnover LO78 Camden Hardwares credit...Ch. 7 - Prob. 7.24BECh. 7 - Prob. 7.25BECh. 7 - Prob. 7.26BECh. 7 - Prob. 7.3ECh. 7 - Prob. 7.4ECh. 7 - Prob. 7.9ECh. 7 - Prob. 7.10ECh. 7 - Prob. 7.12ECh. 7 - Prob. 7.13ECh. 7 - Prob. 7.14ECh. 7 - Prob. 7.17ECh. 7 - Prob. 7.23ECh. 7 - Factoring of accounts receivable with recourse ...Ch. 7 - Factoring of accounts receivable with recourse...Ch. 7 - Concepts; terminology LO71 through LO78 Listed...Ch. 7 - Prob. 7.29ECh. 7 - Prob. 7.36ECh. 7 - Prob. 7.1PCh. 7 - Prob. 7.2PCh. 7 - Prob. 7.3PCh. 7 - Prob. 7.5PCh. 7 - Prob. 7.1DMPCh. 7 - Real World Case 74 Sales returns; Green Mountain...Ch. 7 - Ethics Case 75 Uncollectible accounts LO75 You...Ch. 7 - Prob. 7.5DMPCh. 7 - Prob. 7.6DMPCh. 7 - Prob. 7.9DMP
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