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(Solution document) During the year, a company recognized $52,000 of sales on account and collected $38,500 cash from account receivable. Uncollectible accounts are...


During the year, a company recognized $52,000 of sales on account and collected $38,500 cash from account receivable. Uncollectible accounts are estimated to be 2% of sales on account. The amount of uncollectible accounts expense recognized for the year is:

Select one:

a. $270

b. $770

c. $1,040

d. $1,000

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During the year, a company recognized $52,000 of sales on account and collected $38,500 cash from account receivable. Uncollectible accounts are estimated to be 2% of sales on account. What is the net realizable value of accounts receivable at the end of the year?

Select one:

a. $13,500

b. $12,460

c. $12,730

d. $12,500

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A corporation paid $36,000 for a patent with a remaining legal life of 12 years and a useful life of 8 years. What is the correct entry to record amortization expense for the year?

Select one:

a. Amortization Expense $3000       Patent   $3000

b. Amortization Expense $4500       Accumulated Amortization   $4500

c. Amortization Expense $4500       Patent   $4500

d. Patent $3000       Amortization Expense   $3000

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Which of the following represents a capital expenditure?

Select one:

a. Maintenance and Repairs

b. Oil Change

c. Cost of Utilities

d. Roof Replacement

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While performing the monthly bank reconciliation, the accountant made an adjusting journal entry to record the bank service charge fee of $49. What is the impact of this entry on the accounting equation?

Select one:

a. Assets Decrease and Stockholders' Equity Decreases

b. Assets Increase and Stockholders' Equity Increases

c. Assets Decrease and Liabilities Decrease

d. Assets Increase and Liabilities Increase

 


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