1) When all of the cash for an account previously written off under the direct write-off method is unexpectedly collected, the correct entry is: a.dependent on the period in which the cash was collected. b.debit Bad Debt Expense and credit Accounts Receivable. c.debit Accounts Receivable and credit Bad Debt Expense. d.debit Cash and credit Accounts Receivable. 2) To the maker of a note, the note is a(n) ___________________ . a. note payable b. note receivable c. account receivable d. account payable 3) Under the perpetual inventory method, when inventory is purchased, Merchandise Inventory a. and Accounts Payable are debited and Cash is credited. b. is debited and Cash or Accounts Payable is credited. c. is credited and Cash or Accounts Payable is debited. d. and Accounts Payable are credited and Cash is debited.
1) When all of the cash for an account previously written off under the direct write-off method is unexpectedly collected, the correct entry is: a.dependent on the period in which the cash was collected. b.debit Bad Debt Expense and credit Accounts Receivable. c.debit Accounts Receivable and credit Bad Debt Expense. d.debit Cash and credit Accounts Receivable. 2) To the maker of a note, the note is a(n) ___________________ . a. note payable b. note receivable c. account receivable d. account payable 3) Under the perpetual inventory method, when inventory is purchased, Merchandise Inventory a. and Accounts Payable are debited and Cash is credited. b. is debited and Cash or Accounts Payable is credited. c. is credited and Cash or Accounts Payable is debited. d. and Accounts Payable are credited and Cash is debited.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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1) When all of the cash for an account previously written off under the direct write-off method is unexpectedly collected, the correct entry is:
a.dependent on the period in which the cash was collected.
b.debit Bad Debt Expense and credit Accounts Receivable .
c.debit Accounts Receivable and credit Bad Debt Expense.
d.debit Cash and credit Accounts Receivable.
2) To the maker of a note, the note is a(n) ___________________ .
a. note payable
b. note receivable
c. account receivable
d. account payable
3) Under the perpetual inventory method, when inventory is purchased, Merchandise Inventory
a. and Accounts Payable are debited and Cash is credited.
b. is debited and Cash or Accounts Payable is credited.
c. is credited and Cash or Accounts Payable is debited.
d. and Accounts Payable are credited and Cash is debited.
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