Solved

Match Each of the Statements Below with the Appropriate Item

Question 193

Matching

Match each of the statements below with the appropriate item. Each item is used only once.

Premises:

Responses:

The total amount customers owe on account is $3,124.

Allowance for uncollectible accounts

The contra account for accounts receivable has a balance of $(575).

Bad debts expense

Clara Frye declared bankruptcy while owing Seven Seas $500. The accountant for Seven Seas has determined that this amount is now uncollectible. He closes the Frye account.

Write-off

The accountant for Seven Seas determined that 2% of the May sales of $17,000 would be uncollectible. This amount was recorded as of May 31.

Accounts receivable

The total amount that customers owe Seven Seas that is estimated to be uncollectible is $657.

Premises:

The total amount customers owe on account is $3,124.

The contra account for accounts receivable has a balance of $(575).

Clara Frye declared bankruptcy while owing Seven Seas $500. The accountant for Seven Seas has determined that this amount is now uncollectible. He closes the Frye account.

The accountant for Seven Seas determined that 2% of the May sales of $17,000 would be uncollectible. This amount was recorded as of May 31.

The total amount that customers owe Seven Seas that is estimated to be uncollectible is $657.

Responses:

Allowance for uncollectible accounts

Bad debts expense

Write-off

Accounts receivable

Correct Answer:

Premises:

Responses:

The total amount customers owe on account is $3,124.

The contra account for accounts receivable has a balance of $(575).

Clara Frye declared bankruptcy while owing Seven Seas $500. The accountant for Seven Seas has determined that this amount is now uncollectible. He closes the Frye account.

The accountant for Seven Seas determined that 2% of the May sales of $17,000 would be uncollectible. This amount was recorded as of May 31.

The total amount that customers owe Seven Seas that is estimated to be uncollectible is $657.

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