ACC Accounts receivable quiz
The usual balance in a Contra-Asset account is a:
Credit
The usual balance in a Contra-Dividend account is a:
Credit
The usual balance in a Contra-Expense account is a:
Credit
To the nearest %, paying on the 30th day for a 1/30, net/60, gives an annual return of
12%
To the nearest %, paying on the 15th day for a 1/15, net/30, gives an annual return of (just write the number)
24%
To the nearest %, paying on the 10th day for a 2/10, net/30, gives an annual return of
36%
We always sell pens at $8. We sold a pen for $7 because it was damaged. Record the sale at:
7
The usual balance in a Contra-Owners' Equity account is a:
Debit
The usual balance in a Contra-Revenue account is a:
Debit
Which of the following are classified as Accounts Receivable?
Monies that customers owe us from sale of merchandise. Monies that customers owe us from providing a service.
In a sale on account, who is undertaking a financial risk of non-payment?
The seller
The usual balance in a Contra-Liability account is a:
debit