Quiz – Chen Inc.
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Given information on a note that was accepted, they ask you to record the acceptance along with interest expenses.
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Your numbers will vary.
Given information on a note that was accepted, they ask you to record the acceptance along with interest expenses.
Your numbers will vary.
Given cash balances at local banks, they ask you to prepare the current assets and current liabilities section under U.S. GAAP and IFRS.
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Given a petty cash fund and bills from petty cash, they ask you to determine the journal entry to establish and replenish petty cash.
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Given the information from a bank statement along with balances in the company’s general ledger, they ask you to prepare a bank reconciliation while preparing necessary journal entries.
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Given the sale of chicken and the terms of the sale, they ask you to prepare the journal entry for the sale along with recording the receipt of the payment.
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Given the amount owed under a note, the value of land that was exchanged, and bad debt previously recorded, they ask you to compute the loss on troubled debt restructuring.
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Given information about a note that was exchanged for a hot tub, they ask you to prepare an entry to record the sale along with recording adjusting entries.
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Given the amount supplies were sold for along with the terms of the sale, they ask you to determine the entries that would be made.
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Given a table showing the estimated percent uncollectible along with write-offs, they ask you to determine the allowance for uncollectible accounts.
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Given an accounts receivable aging schedule and bad debts, they ask you to prepare all journal entries for bad debts and allowance of uncollectible accounts.
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