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- A B UD C |7. If bad debts expense is determined by estimating uncollectible accounts receivable, the entry to record the write-off of a specific uncollectible account would decrease: allowance for uncollectible accounts. net income. net book value of accounts receivable. bad debts expense. 8. If management intentionally underestimates bad debts expense, then net income is A overstated and assets are understated. B understated and assets are overstated C understated and assets are understated. D overstated and assets are overstated 9. Which of these items will not appear in the retained earnings statement? A Net Loss B Prior period adjustment, net of taxes с Cumulative effect on prior years of a change in accounting principles, net of tax D Dividends. E All of the above appear in the statement of retained earningsPA14. LO 4.4Prepare an adjusted trial balance from the adjusted account balances; solve for the one missing account balance: Cash (assume accounts have normal balances).Shttps://anu.instructure.comytourses/7789/quires/34131/take Question 7 Sps What is the impact on the accounting equatioon when an accunts receivable is collected? both sides increase both sides decrease only the Asset side changes the total of neither side changes Question 8 Spts
- PA10. LO 3.4 Identify whether the following transactions would be recorded with a debit (Dr) or credit (Cr) entry. Indicate the normal balance of the account. Transaction Debit or credit? Normal balance Equipment increase Dividends Paid increase Repairs Expense increase Service revenue decrease Miscellaneous Expense increase Bonds Payable decreasetakeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Which statement is not true? Oa. Disclosures related to receivables are reported on the financial statement notes. Ob. Current assets are normally reported in order of their liquidity. Oc. All receivables that are expected to be realized in cash beyond 265 days are reported in the non-current assets section. Od. Cash and cash equivalents are the first items reported under current assets.Unearned revenue adjustments are needed when cash is received before ?revenue is earned False True
- 4. Under the allowance method, the entries at the time of. collection of an account previously written off would a. Decrease the allowance for doubtful accounts b. Increase net income c. Have no effect on the allowance for doubtful accounts d. Have no effect on net income 5. Collection of accounts receivable previously written off results in an increase in cash and an increase in a. Accounts receivable b. Allowance for doubtful accounts C. Bad debt expense d. Retained earnings16 - Which of the following is the account where the increases are recorded to the receivable side and the decreases to the debit side?A) Asset AccountsB) Passive AccountsC) Accounts ReceivableD) Expense AccountsE) Passive regulating accounts41. Realization of revenue occurs when a. the item is formally recorded and reported in the financial statements b. noncash resources are converted into cash or rights to cash c. the actual exchange of noncash resources into cash С. d. when a transaction is both realized and realizable 42.A revenue recognition method that recognizes revenue before the time of sale is a. percentage-of-completion b. installment c. cost recovery d. point of sale С.
- QB) Choose the correct answer: 5. Temporary accounts would not include: Select one: a. Depreciation expense. b. Salaries payable. c. Cost of goods sold. d. Supplies expense. 6. Operating cash outflows would include: Select one: a. Purchases of inventory b. Purchase of equipment. c. Purchase of investments. d. Repayment of bank loan.PB7. LO 3.4Identify the normal balance (Dr for Debit; Cr for Credit) and type of account (A for asset, L for liability, E for equity, E-rev for revenue, E-exp for expense, and E-eq for equity) for each of the following accounts. Normal balance Account type Utility Expense Accounts Receivable Interest Revenue Retained Earnings Land Sales RevenueWhich of the following is not normally decreased by a cash outflow transaction? a. Payroll Withholdings Payable b. Accrued Expense c. Deposits on Returnable Containers d. Deferred Revenues