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ACCT-2100-A1&A2-Introductory Accounting-Fall 2025

ACCT-2100-A1&A2-Introductory Accounting-Fall 2025

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A company with net sales of $600,000, a beginning balance of gross receivables of $120,000, and an ending balance of gross receivables of $132,000 has a receivables turnover of _______ and days sales in receivable of _______:

2.4 times per year; 152 days

6 times per year; 61 days

5 times per year; 73 days

4.8 times per year; 76 days

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The account that shows the amount of accounts receivable that the business does not expect to collect is:

Accounts Receivable

Allowance for Doubtful Accounts

Bad Debt Expense

Sales Discounts

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Smart-T Corporation uses the aging-of-accounts-receivable method to estimate uncollectible receivables. At year end Smart-T estimates that $4,750 of its accounts receivable will be uncollectible. Prior to adjustment, the Allowance for Doubtful Accounts has a credit balance of $200. Bad debt expense to be reported on the income statement is:

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Under the aging-of-accounts-receivable method:

the balance in Bad Debt Expense prior to adjustment must be considered

the balance in Allowance for Doubtful Accounts prior to adjustment must be considered

the balance in Allowance for Doubtful Accounts prior to adjustment is ignored

the balance in accounts receivable prior to adjustment must be considered

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Using the aging-of-accounts-receivable method, you estimate that total uncollectible accounts are $3,800. The Allowance for Doubtful Accounts prior to adjustment has a debit balance of $1,100. The amount of the adjusting entry should be:

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Under the allowance method, the entry to write off a $1,425 uncollectible account includes:

a credit to Bad Debt Expense for $1,425

a debit to Accounts Receivable for $1,425

a credit to Allowance for Doubtful Accounts for $1,425

a debit to Allowance for Doubtful Accounts for $1,425

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A company with net sales of $500,000, a beginning balance of gross receivables of $80,000, and an ending balance of gross receivables of $90,000 has an average collection period of:

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The Bad Debt Expense account is classified:

as a contra-asset account

deducted from Accounts Receivable account on the balance sheet

as part of cost of goods sold

as and operating expense (the cost to the seller of extending credit)

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Under the allowance method for estimating uncollectible accounts, the entry to record the estimated bad debts:

has no effect on net income

has no effect on total assets

reduces net income

increases total assets

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Using the aging-of-accounts-receivable method to estimate uncollectible receivables, CMU Corporation estimates that $3,750 of its accounts receivable will be uncollectible. Prior to adjustment, the Allowance for Doubtful Accounts has a credit balance of $600. Bad debt expense to be reported on the income statement is:

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