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- If the balance in Cash Short and Over at the end of a period is a credit, it should be reported as "Other Income" on the income statement. Please explain with full explanation. a. True b. FalseUsing the following key, identify the effects of the following transactions or conditions on the various financial statement elements: I = increases; D = decreases; NE = no effect. A.credit sale b. Collection of a portion of accounts receivable c. Estimate of bad debts d. Write-off of a specific uncollectible accountIdentify the term/s being asked in the following statements: What account to credit if the customer’s notes receivable become delinquent and was not previously discounted. The interest on a non-interest-bearing note is equal to its discount amount. When accounts receivable is factored, the accounts payable shall be credited. True or False? The practice of realizing cash from accounts receivable before its maturity date is widespread. Defalcation is one of them. True or False? This is the criterion to determine whether the transfer is accounted for as borrowing. What account to debit if the company pays a delinquent notes receivable that was previously discounted. On January 1, an entity received a one-year note receivable bearing interest at the market rate. The face value of the note receivable and the entire interest are due in one year. When the note receivable was recorded on January 1, the Interest receivable is debited. True or False? A 120-day, 10% interest-bearing note…
- What is the impact on the accounting equation when an accounts receivable is collected? A. both sides increase B. both sides decrease C. only the Asset side changes D. the total of neither side changesWhich 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.1) When all of the cash for an account previously written off under the direct write-off method is unexpectedly collected, the correct entry is: a.dependent on the period in which the cash was collected. b.debit Bad Debt Expense and credit Accounts Receivable. c.debit Accounts Receivable and credit Bad Debt Expense. d.debit Cash and credit Accounts Receivable. 2) To the maker of a note, the note is a(n) ___________________ . a. note payable b. note receivable c. account receivable d. account payable 3) Under the perpetual inventory method, when inventory is purchased, Merchandise Inventory a. and Accounts Payable are debited and Cash is credited. b. is debited and Cash or Accounts Payable is credited. c. is credited and Cash or Accounts Payable is debited. d. and Accounts Payable are credited and Cash is debited.
- Which of the following statements is true?a. Credit sales increase receivables.b. Collections on account decreasereceivables.c. Write-offs of accounts decreasereceivables.d. All of these statements are true.Under the direct charge-off method, when a specific account receivable is written off, what account is debited and what is the effect of the write-off on net income and on assets? debit Accounts Receivable; the write off decreases net income and total assets debit Allowance for Uncollectible Accounts; the write off increases net income and total assets debit Uncollectible Accounts Expense the write off decreases net income and total assets debit Uncollectible Accounts Expense; the write off increases net income and total assets Athese are the drop down options Accounts Payable Accounts Receivable Cash Cash Short and Over Miscellaneous Expense Accounts Payable Cash Cash Short and Over Interest Revenue Notes Receivable
- a. Show the journal entry to record the uncollectible accounts. b. How much will the balance sheet show as the net realizable value of the accounts receivableThe amount reported on the balance sheet for accounts receivable (gross accounts receivable minus the allowance for doubtful accounts) reflects the ONet realizable value. O Dollar amount per the invoice. O Cost of transportation to the buyer. O Gross profit.What is the effect of the following situations on the cost of accounts receivable financing? (A) A more thorough credit check is undertaken. (B) Receivables are sold without recourse CHOOSE THE LETTER OF CORRECT ANSWERA. (A) Increase; (B) DecreaseB. (A) Decrease; (B) IncreaseC. (A) Decrease; (B) DecreaseD. (A) Increase; (B) IncreaseE. (A) Increase; (B) No effect