# Shared Flashcard Set

Unit 5
unit 5
30
Accounting
01/03/2012

## Additional Accounting Flashcards

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? (NCCTE.9_12.BE.6311.CA05.02)
Definition
 Debit Uncollectible Accounts Expense, \$450.00; credit Accounts Receivable/Coffey's Diner, \$450.00
Term
 Maple Tree Candy Factory estimates uncollectible accounts expense by calculating a percentage of total sales on account. Total sales on account for the year are \$185,000.00. In the past, actual uncollectible accounts expense has been about 0.5% of total sales on account. What is the estimated uncollectible accounts expense for the year? (NCCTE.9_12.BE.6311.CA05.02)
Definition
 \$925.00
Term
 Pet Food Wholesale estimates its uncollectible accounts expense for the year to be \$1,500.00. What is the correct entry to record the estimated uncollectible accounts expense? (NCCTE.9_12.BE.6311.CA05.02)
Definition
 Debit Uncollectible Accounts Expense, \$1,500.00; credit Allowance for Uncollectible Accounts, \$1,500.00
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? (NCCTE.9_12.BE.6311.CA05.02)
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? (NCCTE.9_12.BE.6311.CA05.02)
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? (NCCTE.9_12.BE.6311.CA05.03)
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? (NCCTE.9_12.BE.6311.CA05.03)
Definition
 Debit Depreciation Expense \$950.00; credit Accumulated Depreciation \$950.00
Term
 JOHN SLOW, INC. CASH PAYMENTS JOURNAL ACCOUNTS PURCHASES CK POST. GENERAL PAYABLE DISCOUNT CASH DATE ACCOUNT TITLE NO REF. DEBIT CREDIT DEBIT CREDIT CREDIT 1 Jan 1 Bill's Marina 194 595.00 595.00 2

Figure 3.03 A

Which is the correct posting of the Cash Payments Journal Entry shown in Figure 3.03 A to the accounts payable subsidiary ledger?

(NCCTE.9_12.BE.6311.CA03.03)

Definition
 Debit Accounts Payable/Bill's Marina, \$595
Term

Master Marketing signed a \$40,000, 90-day note at 6% on June 1, 2009. Master Marketing uses a 360-day year.

 19 Using the information given in Scenario 5.01 C, what is the maturity date of the note payable? (NCCTE.9_12.BE.6311.CA05.01)
Definition
 August 30, 2009
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? (NCCTE.9_12.BE.6311.CA05.01)
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? (NCCTE.9_12.BE.6311.CA05.01)
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? (NCCTE.9_12.BE.6311.CA05.01)
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? (NCCTE.9_12.BE.6311.CA05.01)
Definition
 \$82,500.00
Term

Master Marketing signed a \$40,000, 90-day note at 6% on June 1, 2009. Master Marketing uses a 360-day year.

 24 Using the information given in Scenario 5.01 C, what is the total amount of interest to be paid on this note? (NCCTE.9_12.BE.6311.CA05.01)
Definition
 \$600.00
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? (NCCTE.9_12.BE.6311.CA05.01)
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? (NCCTE.9_12.BE.6311.CA05.01)
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? (NCCTE.9_12.BE.6311.CA05.02)
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? (NCCTE.9_12.BE.6311.CA05.02)
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? (NCCTE.9_12.BE.6311.CA05.02)
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? (NCCTE.9_12.BE.6311.CA05.02)
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? (NCCTE.9_12.BE.6311.CA05.02)
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? (NCCTE.9_12.BE.6311.CA05.02)
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? (NCCTE.9_12.BE.6311.CA05.02)
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? (NCCTE.9_12.BE.6311.CA05.02)
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? (NCCTE.9_12.BE.6311.CA05.02)
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? (NCCTE.9_12.BE.6311.CA05.02)
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? (NCCTE.9_12.BE.6311.CA05.02)
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? (NCCTE.9_12.BE.6311.CA05.02)
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? (NCCTE.9_12.BE.6311.CA05.03)
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? (NCCTE.9_12.BE.6311.CA05.03)
Definition
 \$800.00
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