QUESTION 25 ‘ 3points A company‘s Accounts Receivable balance at Dec. 31 was $ 100,000, and there was a debit balance of$500 in the Allowance for
Doubtfiil Accounts. The firm estimates that 3% of the AIR will prove to be uncollectible. After the appropriate adjusting entry is
made for estimated credit lo sses, what is the net realizable value of the accounts receivables at year end? 0 0- $103,000
0 3- $96,000
0 9- $96,500
0 [3- $97,500 0 E-s97,000 QUESTION 20 ‘ Spointe m each ofthe following statements as eithertrue orfiilse and select the correct answer. Under the allowance method, the recording of bad debt expense decreases assets and stockholders equity. Because the allowance method results in better matching, accounting standards require its use ratherthan the direct write—
ofi" method, unless accounts receivable is immaterial. Sellin on credit rotects a com an fiom the risk that some ofits receivables will neverbe collected.
3 P P 3‘
O ‘ " Irue, False, Irue O B'True,TrI.le,True
O 5- False, False, False
O D'True,True,False O E'False, False, True QUESTION 2': ‘ 3points On October 1,2012, a company made a $70,000, 5%, 7—month loan to a customer The M on December31,2012
Tmuld include a: O 0- debit to cash for $3,500 0 3- debit to interest receivable for$1,500
O C' credit to interest revenue for 5 8 i5 0 '1 debit to interest expense for $8? 5 O E- debit to interest payable for$1,500 QUESTION 23 ‘ 3points In a perpetual inventory system:
0 A' the purchases account is closed at the end ofthe period 0 B' the inventory loss can be determined
0 C' an adjusting entry is required to record co st ofgoods sold
0 D' the inventory account is updated only at the end of the accounting period 0 E' all ofthe above

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