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