
Journalizing Accounts Uncollectible
Quiz by Julie
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28 questions
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- Q1Crediting the estimated value of uncollectible accounts to a contra account.percent of sales methodallowance methodpercent of accounts receivable methodwriting of an account20s
- Q2The difference between the balance of Account Receivable and its contra account, Allowance for Uncollectible Accounts.writing off an accountbook valuenet realizable valueBook value of accounts receivable20s
- Q3The difference between the balance of an Asset and its contra account.Book value of accounts receivable.Book value.Writing off an account.Percent of accounts receivable.20s
- Q4The amount of accounts receivable a business expects to collect.Book Value of Accounts Receivable.None of these.Net realizable value.Book Value.20s
- Q5A method used to estimate uncollectible accounts receivable that assumes a percent of credit sales will become uncollectible.None of these.Percent of net realizable value.Percent of net Sales Method.Percent of Sales Method.20s
- Q6A method that uses an analysis of accounts receivable to estimate the amount that will be uncollectible.None of these.Percent of Book Value Method.Percent of Sales Method.Percent of Accounts Receivable Method.20s
- Q7Analyzing accounts receivable according to when they are due.book value of accounts receivableaging of accounts receivablenotes receivablenet realizable value20s
- Q8Canceling the balance of a customer account because the customer does not pay.Writing of an AccountAllowance MethodDishonoring an accountConverting an Account to a Note Receivable20s
- Q9A written and signed promise to pay a sum of money at a specified time.Promissory noteMaker of a notePayeeNote Receivable20s
- Q10A promissory note signed by a business and given to a creditor.Note PayableNote ReceivableAccounts ReceivableMaker of a Note20s
- Q11A promissory note that a business accepts from a customer.Maker of a NoteNote PayableNote ReceivablePayee20s
- Q12The person or business that signs a note and thus promises to make payment.Note ReceivablePromisorMaker of a note.Note Payable20s
- Q13The person or business to whom the amount of a note is payable.PrincipalBook ValuePayeeMaker20s
- Q14The original amount of a note, sometimes referred to as the face amount.Promissory NotePrincipalDishonored NoteMaker of a note20s
- Q15The percentage of the principal that is due for the use of the funds secured by a note.Maturity InterestTime of a noteMaturity valueInterest rate20s