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7. TRUE or FALSE. In discounting of customer’s note under conditional sale, an account “Note Receivable-Discounted” is credited. This account is a liability which will be presented under the current portion.
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- If a note receivable is discounted with recourse, which is false? a. a contingent liability exists b. note receivable discounted will be credited c. liability for note receivable discounted will be credited d. note receivable will be credited upon the settlement of note e. answer not givenIf a note receivable is discounted without recourse a. the contingent liability may be disclosed b. liability for note receivable discounted is credited c. note receivable is credited d. the transaction shall be accounted for as a secured borrowing as opposed to a saleThe account, Discount on Notes Payable, is a a.contra-asset. b.deferred charge. c.liability. d.contra-liability.
- A note payable can be used to extend the payment due on an account payable. O True False7.If a credit marked as "Upon receipt by the beneficiary of notice from the issuing bank that a draft has been . paid under this credit, a sum equal to the amount of such draft again become available under the credit" it is a (n) a. accumulative revolving credit b.non- accumulative revolving credit c.automatically revolving credit in relation to value d. non- automatically revolving credit in relation to valueWhat business circumstance could bring about a short-term note payable created from a purchase?
- If the proceeds of a discounted note are less than the face amount, the difference is debited to Interest Expense. True or FalseS1: In note discounting treated as a secured borrowing, a contingent liability is recognized on the date of discounting. S2: In note discounting treated as a conditional sale, an accounting liability is recorded an amount equal to the face amount of the note receivable discounted. A) Both statements are correct. B) Both statements are incorrect. C)Only S1 is correct. D) Only S2 is correct18. If a company employs the net method of recording accounts receivable from customers, then sales discounts taken should be reported as O a. a deduction from sales in the income statement. O b. an item of "other income and expense" in the income statement. O c. a deduction from accounts receivable in determining the net realizable value of accounts receivable. O d. should not be used.
- The trade and other receivables note will include the following items? A.Debtors control + allowance for credit losses - prepaid expenses B.Noneof the above C.Debtors control + allowanceIf a company usually sells its accounts receivables, it recorda any factoring commissions as a(n) a. Loss b. Expense c. Receivable d. LiabilityThe amount reported on the balance sheet for accounts receivable (gross accounts receivable minus the allowance for doubtful accounts) reflects the ONet realizable value. O Dollar amount per the invoice. O Cost of transportation to the buyer. O Gross profit.