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Choc. Creme. Cruller. Boston Creme. Jelly. Glazed. 1 POINT. 1 POINT. 1 POINT. 1 POINT. 1 POINT. 2 POINTS. 2 POINTS. 2 POINTS. 2 POINTS. 2 POINTS. 3 POINTS. 3 POINTS. 3 POINTS. 3 POINTS. 3 POINTS. 4 POINTS. 4 POINTS. 4 POINTS. 4 POINTS. 4 POINTS. 5 POINTS. 5 POINTS.

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Choc. Creme

Cruller

Boston Creme

Jelly

Glazed

1 POINT

1 POINT

1 POINT

1 POINT

1 POINT

2 POINTS

2POINTS

2POINTS

2 POINTS

2 POINTS

3 POINTS

3 POINTS

3 POINTS

3 POINTS

3 POINTS

4 POINTS

4 POINTS

4 POINTS

4 POINTS

4 POINTS

5 POINTS

5 POINTS

5 POINTS

5 POINTS

5 POINTS


1 point
1 POINT

This is prepared to explain the difference between the book balance and the bank balance.



2 points
2 POINTS

This is the most widely used depreciation method.



3 points
3 POINTS

DDB stands for this.



4 points
4 POINTS

This is the percentage used for calculating the DDB method if an asset was expected to have an 8 year useful life.



5 points
5 POINTS

This is the numerator in the formula for straight line depreciation.



1 point1
1 POINT

This is where cash is kept for ease of access – Also was the premise of Don’t Tell Mom the Babysitter’s Dead.



2 points1
2 POINTS

This is the originating entry for petty cash.


What is:

Dr. Petty Cash XX

Cr. Cash XX


3 points1
3 POINTS

Cost-salvage value is called this.



4 points1
4 POINTS

This is the annual depreciation for an asset whose cost is $20,000, salvage value of $4000, and an estimated useful life of 8 years



5 points1
5 POINTS

Allowance for Doubtful Accounts has a debit balance of $200, and an aging analysis determines that the Allowance should be $17,000. What is the adjusting journal entry (with amounts)?


What is:

Dr. BDE 17200

Cr. Allow DA 17200


1 point2
1 POINT

This accounting for bad debts is allowed only if bad debts are so small as to be immaterial?



2 points2
2 POINTS

These are the two methods of accounting discussed in this chapter for uncollectible receivables.



3 points2
3 POINTS

This is the journal entry to record a bad debt using the direct write off method.


What is:

dr. BDE xx

cr. A/R xx


4 points2
4 POINTS

This is the Net Realizable Value when A/R has a balance of $500,000, and the Allowance for Doubtful Accounts has a balance of $30,000.



5 points2
5 POINTS

This is why there would be a debit balance in the Allowance for Doubtful Accounts.



1 point3
1 POINT

Land acquired with the purpose of reselling it, would be listed as this on the balance sheet.



2 points3
2 POINTS

This is the exclusive right to make or sell a product.



3 points3
3 POINTS

Accumulated depreciation is called a _____ account.



4 points3
4 POINTS

Accumulated depreciation is shown in this section of the balance sheet.



5 points3
5 POINTS

Using this allowance method for accounting for bad debts, the current balance in the Allowance for Doubtful Accounts is irrelevant in making your journal entry to record this year’s allowance.



1 point4
1 POINT

This asset never gets depreciated.



2 points4
2 POINTS

This refers to using up natural resources.



3 points4
3 POINTS

This is the using up of intangible assets.



4 points4
4 POINTS

This is the journal entry to take a fully depreciated piece of equipment off the books.


What is:

Dr. Accum. Dep XX

Cr.Equip XX


5 points4
5 POINTS

A revenue expenditure results in a debit to this type of account.



Category

CATEGORY:

Sale of an asset

MAKE YOUR WAGER!


Answer

ANSWER:

This is the journal entry to record the sale of equipment whose original cost is $5000, has accumulated depreciation of $3500, for cash of $1700?


Question

QUESTION

What is

Dr. Cash 1700

Dr. Accum dep 3500

Cr. Equipment 5000

Cr. Gain on sale 200


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