Acc 291 final exam Study guides, Class notes & Summaries

1) Hahn Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $300,000 and credit sales are $1,200,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Hahn Company make to record the bad debts expense? A. Bad Debts Expense ................ ................ $15,000 Allowances for Doubtful Accounts ................ ................ $15,000 B. Bad Debts Expense ................ ................ $12,000 ...

1.The term "receivables" refers to a) amounts due from individuals or companies. b) cash to be paid to debtors. c) merchandise to be collected from individuals or companies. d) cash to be paid to creditors. 2.Three accounting issues associated with accounts receivable are a) depreciating, valuing, and collecting. b) accrual, bad debts, and accelerating collections. c) depreciating, returns, and valuing. d) recognizing, valuing, and accelerating collections. 3.When the allowance meth...

Question 207 On January 1, a machine with a useful life of five years and a residual value of $40,000 was purchased for $120,000. What is the depreciation expense for year 2 under the double-declining-balance method of depreciation? IFRS Multiple Choice Question 01 As a recent graduate of State University you're aware that IFRS requires component depreciation for plant assets. A friend has asked you to succinctly explain what component depreciation means. Which of the following correctly describ...

ACC 291 Final Exam An aging of a company's accounts receivable indicates that $4,500 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance, the adjustment to record bad debts for the period will require a credit to Allowance for Doubtful Accounts for $4,500. debit to Bad Debt Expense for $4,500. debit to Allowance for Doubtful Accounts for $3,300. debit to Bad Debt Expense for $3,300. The financial statements of the Melton Manufacturing Comp...