devry acct304 week 5 quiz

(TCO 7) Cash may not include

foreign currency.
money orders.
restricted cash.
undeposited customer checks.

Question 2. Question
:
(TCO 7) On November 10 of the current year, Flores Mills
sold carpet to a customer for $8,000 with credit term 2/10, n/30. Flores uses
the gross method of accounting for cash discounts. What is the correct entry
for Flores on November 17, assuming the correct payment was received on that
date?

Option a
Option b
Option c
Option d

Question 3. Question
:
(TCO 7) Which of the following does not change the balance
in accounts receivable?

Returns on credit sales
Collections from customers
Bad debts expense adjusting entry
Write-offs

Question 4. Question
:
(TCO 7) Brockton Carpet Cleaning prepares a bank
reconciliation at the end of every month. At the end of July, the balance in
the general ledger checking account was $2,750, and the bank balance on the
bank statement was $2,980. Outstanding checks totaled $680, and deposits in
transit were $400. The bank statement revealed that a check written for $120
was incorrectly recorded by Brockton as a $220 disbursement. The bank statement
listed service charges and NSF check charges totaling $150. The corrected cash
balance is

$2,270.
$2,550.
$2,470.
$2,700.

Question 5. Question
:
(TCO 7) Calistoga Produce estimates bad debt expense at ½%
of credit sales. The company reported accounts receivable and allowance for
uncollectible accounts of $471,000 and $1,650, respectively, at December 31,
2010. During 2011, Calistoga’s credit sales and collections were $315,000 and
$319,000, respectively, and $1,720 in accounts receivable were written off.
Calistoga’s adjusted allowance for uncollectible accounts at December 31, 2011
is

$1,575.
$1,505.
$1,650.
$1,720.