Receipts from cash sales of $7,500 were recorded incorrectly in the cash receipt
ID: 2481508 • Letter: R
Question
Receipts from cash sales of $7,500 were recorded incorrectly in the cash receipts journal as $5,700. This item would be included on the bank reconciliation as a(n) deduction from the balance per company's records addition to the balance per bank statement addition to the balance per company's records When a petty cash fund is in use: Expenses paid with petty cash are recorded when the fund is replenished. Petty cash is debited when funds are replenished. Petty cash is credited when funds are replenished. Expenses are not recorded. Cash is debited when funds are replenished. What is the type of account and normal balance of Allowance for Doubtful Accounts? Contra asset, credit Asset, debit Asset, credit Contra asset, debit. The direct write-off method of accounting for uncollectible accounts emphasizes balance sheet relationships. is not generally accepted as a basis for estimating bad debts. emphasizes cash realizable value. emphasizes the matching of expenses with revenues. Under the direct write-off method of accounting for uncollectible accounts. Bad Debts Expense is debited at the end of each accounting period. when a credit sale is past due. whenever a pre-determined amount of credit sales have been made. when an account is determined to be worthless. If the allowance method of accounting for uncollectible receivables is used, what general ledger account is debited to write off a customer's account as uncollectible? Uncollectible Accounts Expense Allowance for Doubtful Accounts Accounts Receivable Interest Expense A 60-day. 12V. note for $10,000, dated May 1. is received from a customer on account. The maturity value of the note is $10,000 $10,200 $11, 200 $9,800Explanation / Answer
53 answer is
d addition to the balance per company's records
54 answer is
a expenses paid with petty cash are recorded when the fund is replniched
55 answer is
a contra asset, credit
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