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9_12 Business and IT 6311 - Accounting 1 Test 4
Unit 5 Review
36
Accounting
10th Grade
01/03/2012

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Cards

Term
Tucker's Cafe signed a $15,000, 180-day, 10%, interest-bearing note on May 1, 2009. Using a 360-day year, what is the maturity value of the note?
Definition
$15,750.00
Term
Carson's Shoe Store signed a 90-day, interest-bearing, 10% note for $5,000.00 with First National Bank. What is Carson's Shoe Store's journal entry for the issuance of the note payable?
Definition
Debit Cash $5,000.00; credit Notes Payable $5,000.00
Term
Blowing Rock Hardware paid First American Bank in full for a 180-day, 12%, interest-bearing note for $10,000. Using a 360-day year, what is the journal entry for the payment of the note payable?
Definition
Debit Notes Payable $10,000.00; debit Interest Expense $600.00; credit Cash $10,600.00
Term
Carson's Candy Shoppe signed a 60-day, 10% note to Jello Beans for an extension of time on its account payable in the amount of $2,000.00. What is the correct entry for Carson's Candy Shoppe to record the note payable for an extension of time?
Definition
Debit Accounts Payable/Jello Beans $2,000.00; credit Notes Payable $2,000.00
Term
Wholesome Food Distributors granted an extension of time for the account payable of Moore Food Store for a 90-day, 8%, $10,000 note. Using a 360-day year, what is the journal entry for Moore Food Store to record the payment of the note payable?
Definition
Debit Notes Payable $10,000.00; debit Interest Expense $200.00; credit Cash $10,200.00
Term
Maple Tree Candy Factory estimates its uncollectible accounts expense for the year to be $800.00. What is the correct entry to record the estimated uncollectible accounts expense?
Definition
Debit Uncollectible Accounts Expense, $800.00; credit Allowance for Uncollectible Accounts, $800.00
Term
Mary Ann's Sewing Notions received a check for $75.00 from Cathy Martin, whose account was previously written off. Mary Ann's Sewing Notions uses the Allowance Method for uncollectible accounts. What is the correct entry to re-open the account for Cathy Martin?
Definition
Debit Accounts Receivable/Cathy Martin, $75.00; credit Allowance for Uncollectible Accounts, $75.00
Term
NC Office Supply has depreciation expense of $7,525.00 at the end of the fiscal year. What is the entry to journalize the depreciation expense?
Definition
Debit Depreciation Expense $7,525.00; credit Accumulated Depreciation $7,525.00
Term
Creative Art Supplies has depreciation expense of $950.00 at the end of the fiscal year. What is the entry to journalize the depreciation expense?
Definition
Debit Depreciation Expense $950.00; credit Accumulated Depreciation $950.00
Term
The Style Company signed a one-year, 10%, interest-bearing note for $10,000.00 with First American Bank. What is the journal entry for the issuance of the note payable?
Definition
Debit Cash $10,000.00; Credit Notes Payable $10,000.00
Term
Sports Warehouse received a payment in the amount of $697.50 for a note receivable. Interest on the note receivable was $47.50. What is the journal entry to record the payment of the note receivable?
Definition
Debit Cash $697.50; Credit Interest Income $47.50; Credit Notes Receivable $650.00
Term
Master Marketing received a payment of a note receivable in the amount of $1,295.00. Interest on the note receivable was $95.00. What is the journal entry to record the payment of the note receivable?
Definition
Debit Cash $1,295.00; Credit Interest Income $95.00; Credit Notes Receivable $1,200.00
Term
High Country Apparel signed a $75,000, two-year, interest-bearing, 5% note on October 1, 2009. What is the maturity value of the note?
Definition
$82,500.00
Term
Beach Bums Surf Shop signed a 90-day, 5%, interest-bearing note for $3,000.00 with First National Bank. What is the journal entry for the issuance of the note payable?
Definition
Debit Cash $3,000.00; credit Notes Payable $3,000.00
Term
Sneakers Snack Shop signed a $30,000, 90-day, 8%, interest-bearing note on August 1, 2009. Using a 360-day year, what is the maturity value of the note?
Definition
$30,600.00
Term
Hair Design Supply Company estimates uncollectible accounts expense by calculating a percentage of total sales on account. Total sales on account for the year are $1,200,000.00. In the past, actual uncollectible accounts expense has been about 2.0% of total sales on account. What is the estimated uncollectible accounts expense for the year?
Definition
$24,000.00
Term
On Your Mark Writing Supplies estimates uncollectible accounts expense by calculating a percentage of total sales on account. Total sales on account for the year are $175,000.00. In the past, actual uncollectible accounts expense has been about 1.0% of total sales on account. What is the estimated uncollectible accounts expense for the year?
Definition
$1,750.00
Term
Pet Food Wholesale estimates uncollectible accounts expense by calculating a percentage of total sales on account. Total sales on account for the year are $750,000.00. In the past, actual uncollectible accounts expense has been about 1.0% of total sales on account. What is the estimated uncollectible accounts expense for the year?
Definition
$7,500.00
Term
Western Textile Company estimates uncollectible accounts expense by calculating a percentage of total sales on account. Total sales on account for the year are $5,275,000.00. In the past, actual uncollectible accounts expense has been about 1.0% of total sales on account. What is the estimated uncollectible accounts expense for the year?
Definition
$52,750.00
Term
On Your Mark Writing Supplies received a check for $225.00 from Pen & Paper, whose account was previously written off. On Your Mark Writing Supplies uses the Allowance Method for uncollectible accounts. What is the correct entry to re-open the account for Pen & Paper?
Definition
Debit Accounts Receivable/ Pen & Paper, $225.00; Credit Allowance for Uncollectible Accounts, $225.00
Term
Legal Eagles Law Firm uses the direct write-off method when handling uncollectible accounts receivable. Joe Coffey owes $250.00 on account. Legal Eagles Law Firm determined this account to be uncollectible. Which is the correct entry for writing off this account?
Definition
Debit Uncollectible Accounts Expense, $250.00; Credit Accounts Receivable/Joe Coffey, $250.00
Term
Steve's Auto Shop uses the direct write-off method when handling uncollectible accounts receivable. John Taylor owes $375.00 on account. Steve's Auto Shop determined this account to be uncollectible. Which is the correct entry for writing off this account?
Definition
Debit Uncollectible Accounts Expense, $375.00; Credit Accounts Receivable/John Taylor, $375.00
Term
Kitchen Supply Warehouse uses the direct write-off method when handling uncollectible accounts receivable. Coffey's Diner owes $450.00 on account. Kitchen Supply Warehouse determined this account to be uncollectible. Which is the correct entry for writing off this account?
Definition
Debit Uncollectible Accounts Expense, $450.00; credit Accounts Receivable/Coffey's Diner, $450.00
Term
Hair Design Supply estimates its uncollectible accounts expense for the year to be $4,250.00. What is the correct entry to record the estimated uncollectible accounts expense?
Definition
Debit Uncollectible Accounts Expense, $4,250.00; credit Allowance for Uncollectible Accounts, $4,250.00
Term
Workman Tools estimates its uncollectible accounts expense for the year to be $950.00. What is the correct entry to record the estimated uncollectible accounts expense?
Definition
Debit Uncollectible Accounts Expense, $950.00; credit Allowance for Uncollectible Accounts, $950.00
Term
Mary Ann's Sewing Notions received a check for $75.00 from Cathy Martin, whose account was previously written off. Mary Ann's Sewing Notions uses the Allowance Method for uncollectible accounts. What is the correct entry to re-open the account for Cathy Martin?
Definition
Debit Accounts Receivable/Cathy Martin, $75.00; credit Allowance for Uncollectible Accounts, $75.00
Term
Mother Goose Children's Clothing received a check for $125.00 from Little Angels, whose account was previously written off. Mother Goose Children's Clothing uses the Allowance Method for uncollectible accounts. What is the correct entry to re-open the account for Little Angels?
Definition
Debit Accounts Receivable/Little Angels, $125.00; credit Allowance for Uncollectible Accounts, $125.00
Term
Mountain Business Services purchased a computer on January 1, 2009 for $3,600.00. The estimated salvage (disposal) value is $200.00 and the estimated useful life is 5 years. What is the annual depreciation expense?
Definition
$680.00
Term
Burger Boy Diner purchased a commercial oven on January 1, 2009 for $5,800.00. The estimated salvage (disposal) value is $200.00 and the estimated useful life is 7 years. What is the annual straight-line depreciation expense?
Definition
$800.00
Term
Joe's Taxi Service purchased a new taxi on January 1, 2010 for $22,000.00. The estimated salvage (disposal) value is $1,000.00 and the estimated useful life is 3 years. What is the annual depreciation expense?
Definition
$7,000.00
Term
Creative Art Supplies purchased a new display easel on January 1, 2010 for $850.00. The estimated salvage (disposal) value is $50.00 and the estimated useful life is 5 years. What is the annual depreciation expense?
Definition
$160.00
Term
Mountain Business Services purchased a computer on July 1, 2010 for $2,500.00. The estimated salvage (disposal) value is $100.00 and the estimated useful life is 5 years. What is the depreciation expense for 2010?
Definition
$240.00
Term
Michael's Soda Shoppe has depreciation expense of $1,250.00 at the end of the fiscal year. What is the entry to journalize the depreciation expense?
Definition
Debit Depreciation Expense $1,250.00; credit Accumulated Depreciation $1,250.00
Term
Steve's Auto Repair has depreciation expense of $3,500.00 at the end of the fiscal year. What is the entry to journalize the depreciation expense?
Definition
Debit Depreciation Expense $3,500.00; Credit Accumulated Depreciation $3,500.00
Term
NC Office Supply purchased a heating system on September 1, 2010 for $18,500.00. The estimated salvage (disposal) value is $500.00 and the estimated useful life is 10 years. What is the depreciation expense for 2010?
Definition
$600.00
Term
Joe's Taxi Service has depreciation expense of $12,200.00 at the end of the fiscal year. What is the entry to journalize the depreciation expense?
Definition
Debit Depreciation Expense $12,200.00; credit Accumulated Depreciation $12,200.00
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