Quiz – Ashbaugh Industries
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Find the year-end adjusting journal entry for year-end sales returns.
Find the year-end adjusting journal entry for year-end sales returns.
Given balance sheet and income statement information, they ask you to determine the number of write-offs, the cash collected, and the receivable turnover ratio.
Given sales, gross profit, and the amount returned, they ask you to prepare summary journal entries for sales, sales returns, and an adjusting entry for estimated sales returns at year-end.
Given the amount owed under a note along with the chance the note will default, they ask you to compute the expected credit loss.
Prepare any necessary journal entry or entries if receivables are factored under Option One and Option Two.
Given credit sales, amounts not collected, and write-offs, they ask you to prepare journal entries along with showing the year-end balance sheet for accounts receivable.
Given the information that was prepared in a bank reconciliation, they ask you to determine the corrected cash balance.
Find the contract price based on expected value method with certainty.
What would be the appropriate transaction price based on the expected value method but when very uncertain of estimate?
Calculate the transaction price based on the Most Likely Method.