ACC 291 Week 2 Individual WileyPLUS Practice Ch 08 / Assignmentcloud.com

Question 1

ACC 291 Week 2 Individual WileyPLUS Practice Ch 08

http://www.assignmentcloud.com/ACC-291/ACC-291-Week-2-Individual-WileyPLUS-Practice-Ch-08

Question 1

Receivables are frequently classified as:

   accounts receivable and general receivables.

  accounts receivable, notes receivable, and employee receivables.

  accounts receivable, notes receivable, and other receivables.

  accounts receivable, company receivables, and other receivables.

Question 2

Buehler Company on June 15 sells merchandise on account to Chaz Co. for $1,000, terms 2/10, n/30. On June 20, Chaz Co. returns merchandise worth $300 to Buehler Company. On June 24, payment is received from Chaz Co. for the balance due. What is the amount of cash received?

$700

$680

$686

None of the above

Question 3

Which of the following approaches for bad debts is best described as a balance sheet method?

percentage-of-sales basis

percentage-of-receivables basis

Both percentage-of-receivables basis and direct write-off method

direct write-off method

Answer 1

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