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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This is prepared to explain the difference between the book balance and the bank balance.
This is the most widely used depreciation method.
DDB stands for this.
This is the percentage used for calculating the DDB method if an asset was expected to have an 8 year useful life.
This is the numerator in the formula for straight line depreciation.
This is where cash is kept for ease of access – Also was the premise of Don’t Tell Mom the Babysitter’s Dead.
This is the originating entry for petty cash.
Dr. Petty Cash XX
Cr. Cash XX
Cost-salvage value is called this.
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
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)?
Dr. BDE 17200
Cr. Allow DA 17200
This accounting for bad debts is allowed only if bad debts are so small as to be immaterial?
These are the two methods of accounting discussed in this chapter for uncollectible receivables.
This is the journal entry to record a bad debt using the direct write off method.
dr. BDE xx
cr. A/R xx
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.
This is why there would be a debit balance in the Allowance for Doubtful Accounts.
Land acquired with the purpose of reselling it, would be listed as this on the balance sheet.
This is the exclusive right to make or sell a product.
Accumulated depreciation is called a _____ account.
Accumulated depreciation is shown in this section of the balance sheet.
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.
This asset never gets depreciated.
This refers to using up natural resources.
This is the using up of intangible assets.
This is the journal entry to take a fully depreciated piece of equipment off the books.
Dr. Accum. Dep XX
A revenue expenditure results in a debit to this type of account.
Sale of an asset
MAKE YOUR WAGER!
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?
Dr. Cash 1700
Dr. Accum dep 3500
Cr. Equipment 5000
Cr. Gain on sale 200