Accounting 2101:Quiz 8 Accounts Receivable

We always sell pens at $8. We sold a pen for $7 because it was damaged. Record the sale at: -$7 -$8

$7

To the nearest %, paying on the 30th day for a 1/30, net/60, gives an annual return of (just write the number)

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 )just write the number)

36

Which of the following are classified as Accounts Receivable? A) Monies that customers owe us from sale of merchandise. B) Monies that customers owe us from providing a service. C) Tax refunds owed to us by the IRS. D) Interest Receivable. E) Loans we made to a customer. F) Loans we made to an employee.

AB

The usual balance in a Contra-Asset account is a: -CR -DR

CR

The usual balance in a Contra-Dividend account is a: -CR -DR

CR

The usual balance in a Contra-Expense account is a: -DR -CR

CR

The usual balance in a Contra-Liability account is a: -CR -DR

DR

The usual balance in a Contra-Owners' Equity account is a: -DR -CR

DR

The usual balance in a Contra-Revenue account is a: -DR -CR

DR

In a sale on account, who is undertaking a financial risk of non-payment? -neither the buyer nor the seller -both the buyer and the seller -the buyer -it depends -the seller

The seller