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Liberty ACCT 211 Exam 3 Answers Complete Solutions
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Question 1
A company has net sales of $1,246,200 and average accounts receivable of $402,000. What is its accounts receivable turnover for the period?
Question 2
Jervis accepts all major bank credit cards, including those issued by Northern Bank (NB), which assesses a 5.0% charge on sales for using its card. On June 28, Jervis had $5,900 in NB Card credit sales. What entry should Jervis make on June 28 to record the deposit?
Question 3
The interest accrued on $8,000 at 5% for 90 days is: (Use 360 days a year.)
Question 4
A company receives a 10%, 90-day note for $7,500. The total interest due on the maturity date is: (Use 360 days a year.)
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Question 5
On November 1, Orpheum Company accepted a $10,400, 90-day, 12% note from a customer to settle an account. What entry should be made on the November 1 to record the note acceptance?
Question 6
Jasper makes a $91,000, 90-day, 7% cash loan to Clayborn Co. Jasper’s entry to record the transaction should be:
Question 7
A company factored $50,000 of its accounts receivable and was charged a 1% factoring fee. The journal entry to record this transaction would include a:
Question 8
A company has $102,000 in outstanding accounts receivable and it uses the allowance method to account for uncollectible accounts. Experience suggests that 6% of outstanding receivables are uncollectible. The current balance (before adjustments) in the allowance for doubtful accounts is a(n) $920 debit. The journal entry to record the adjustment to the allowance account includes a debit to Bad Debts Expense for:
Question 9
Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $110,500, allowance for doubtful accounts of $725 (credit) and sales of $955,000. If uncollectible accounts are estimated to be 0.8% of sales, what is the amount of the bad debts expense adjusting entry?
Question 10
Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $142,500, allowance for doubtful accounts of $1,045 (credit) and sales of $1,115,000. If uncollectible accounts are estimated to be 8% of accounts receivable, what is the amount of the bad debts expense adjusting entry?
Question 11
Uniform Supply accepted a $5,600, 90-day, 12% note from Tracy Janitorial on October 17. If the note is dishonored, but Uniform Supply intends to continue collection efforts, what entry should Uniform Supply make on January 15 of the next year? (Assume no reversing entries are made.) (Use 360 days a year.)
Question 13
A company purchased property for $100,000. The property included a building, a parking lot, and land. The building was appraised at $57,500; the land at $48,600, and the parking lot at $18,900. Land should be recorded in the accounting records with an allocated cost of:
Question 14
A company used straight-line depreciation for an item of equipment that cost $19,300, had a salvage value of $5,200 and a six-year useful life. After depreciating the asset for three complete years, the salvage value was reduced to $1,930 but its total useful life remained the same. Determine the amount of depreciation to be charged against the equipment during each of the remaining years of its useful life:
