Accounting – Need This In 3 Hours Please

1.	Syfy Company on July 15 sells merchandise on account to Eureka Co. for $5,000, terms 2/10, n/30. On July 20 Eureka Co. returns merchandise worth $2,000 to Syfy Company. On July 24 payment is received from Eureka Co. for the balance due. What is the amount of cash received?
	A)	$2,900
	B)	$2,940
	C)	$3,000
	D)	$5,000

Haven Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $600,000 and credit sales are $2,700,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Haven Company make to record the bad debts expense?

Bad Debts Expense	33,000
Allowance for Doubtful Accounts		33,000

Bad Debts Expense	27,000
Allowance for Doubtful Accounts		27,000

Bad Debts Expense	27,000
Accounts Receivable		27,000

Bad Debts Expense	33,000
Accounts Receivable		33,000

3.	A company has net credit sales of $750,000 for the year and it estimates that uncollectible accounts will be 2% of sales. If Allowance for Doubtful Accounts has a credit balance of $2,000 prior to adjustment, its balance after adjustment will be a credit of
	A)	$13,000.
	B)	$15,000.
	C)	$15,040.
	D)	$17,000.

4.	The percentage of receivables basis for estimating uncollectible accounts emphasizes
	A)	cash realizable value.
	B)	the relationship between accounts receivable and bad debts expense.
	C)	income statement relationships.
	D)	the relationship between sales and accounts receivable.

5.	Interest is usually associated with
	A)	accounts receivable.
	B)	notes receivable.
	C)	doubtful accounts.
	D)	bad debts.

6.	When customers make purchases with a national credit card, the retailer
	A)	is responsible for maintaining customer accounts.
	B)	is not involved in the collection process.
	C)	absorbs any losses from uncollectible accounts.
	D)	receives cash equal to the full price of the merchandise sold from the credit card company.

7.	The retailer considers Visa and MasterCard sales as
	A)	cash sales.
	B)	promissory sales.
	C)	credit sales.
	D)	contingent sales.

8.	A 60-day note receivable dated July 13 has a maturity date of
	A)	September 12.
	B)	September 11.
	C)	September 10.
	D)	September 13.

9.	The maturity value of a $50,000, 9%, 60-day note receivable dated July 3 is
	A)	$50,000.
	B)	$50,750.
	C)	$54,500.
	D)	$59,000.

10.	A company purchased office equipment for $40,000 and estimated a salvage value of $8,000 at the end of its 5-year useful life. The constant percentage to be applied against book value each year if the double-declining-balance method is used is
	A)	20%.
	B)	25%.
	C)	40%.
	D)	5%.

11.	The entry to record depletion expense
	A)	decreases owner’s equity and assets.
	B)	decreases net income and increases liabilities.
	C)	decreases assets and liabilities.
	D)	decreases assets and increases liabilities.

12.	A plant asset cost $288,000 and is estimated to have a $36,000 salvage value at the end of its 8-year useful life. The annual depreciation expense recorded for the third year using the double-declining-balance method would be
	A)	$24,120.
	B)	$40,500.
	C)	$35,436.
	D)	$27,570.

13.	Ordinary repairs are expenditures to maintain the operating efficiency of a plant asset and are referred to as
	A)	capital expenditures.
	B)	expense expenditures.
	C)	improvements.
	D)	revenue expenditures.

14.	Improvements are
	A)	revenue expenditures.
	B)	debited to an appropriate asset account when they increase useful life.
	C)	debited to accumulated depreciation when they do not increase useful life.
	D)	debited to an appropriate asset account when they do not increase useful life.

15.	All of the following are intangible assets except
	A)	copyrights.
	B)	goodwill.
	C)	patents.
	D)	research and development costs.

16.

Prepare journal entries to record the following transactions entered into by Valente Company:

2014
June	1	Received a $10,000, 12%, 1-year note from Andrea Foley as full payment on her account.
Nov.	1	Sold merchandise on account to Patton, Inc. for $12,000, terms 2/10, n/30.
Nov.	5	Patton, Inc. returned merchandise worth $500.
Nov.	9	Received payment in full from Patton, Inc.
Dec.	31	Accrued interest on Foley’s note.
2015
June	1	Andrea Foley honored her promissory note by sending the face amount plus interest. No interest has been accrued in 2015.

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