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Journalizing Accounts Uncollectible

Quiz by Julie

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28 questions
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  • Q1
    Crediting the estimated value of uncollectible accounts to a contra account.
    percent of sales method
    allowance method
    percent of accounts receivable method
    writing of an account
    20s
  • Q2
    The difference between the balance of Account Receivable and its contra account, Allowance for Uncollectible Accounts.
    writing off an account
    book value
    net realizable value
    Book value of accounts receivable
    20s
  • Q3
    The 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
  • Q4
    The amount of accounts receivable a business expects to collect.
    Book Value of Accounts Receivable.
    None of these.
    Net realizable value.
    Book Value.
    20s
  • Q5
    A 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
  • Q6
    A 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
  • Q7
    Analyzing accounts receivable according to when they are due.
    book value of accounts receivable
    aging of accounts receivable
    notes receivable
    net realizable value
    20s
  • Q8
    Canceling the balance of a customer account because the customer does not pay.
    Writing of an Account
    Allowance Method
    Dishonoring an account
    Converting an Account to a Note Receivable
    20s
  • Q9
    A written and signed promise to pay a sum of money at a specified time.
    Promissory note
    Maker of a note
    Payee
    Note Receivable
    20s
  • Q10
    A promissory note signed by a business and given to a creditor.
    Note Payable
    Note Receivable
    Accounts Receivable
    Maker of a Note
    20s
  • Q11
    A promissory note that a business accepts from a customer.
    Maker of a Note
    Note Payable
    Note Receivable
    Payee
    20s
  • Q12
    The person or business that signs a note and thus promises to make payment.
    Note Receivable
    Promisor
    Maker of a note.
    Note Payable
    20s
  • Q13
    The person or business to whom the amount of a note is payable.
    Principal
    Book Value
    Payee
    Maker
    20s
  • Q14
    The original amount of a note, sometimes referred to as the face amount.
    Promissory Note
    Principal
    Dishonored Note
    Maker of a note
    20s
  • Q15
    The percentage of the principal that is due for the use of the funds secured by a note.
    Maturity Interest
    Time of a note
    Maturity value
    Interest rate
    20s

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