Exam Review (6 pages)

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Exam Review



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Exam Review

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Lecture number:
16
Pages:
6
Type:
Lecture Note
School:
University of Arizona
Course:
Acct 200 - Introduction to Financial Accounting
Edition:
1

Unformatted text preview:

ACCT 200 1st Edition Lecture 16 Outline of Last Lecture I Costs of Tangible Intangible Assets II Slide 29 Key Terms Review III Similar Problem to Homework 2 IV E 7 16 V Gains Losses on Disposal VI BE 7 10 Outline of Current Lecture I Recordings and Transactions II Selling Inventory III Valuation Allowance Method IV Set Up Allowance for Bad Accounts V Notes Receivable and Interest Entries VI Receivable Turnover VII LIFO FIFO Average Cost VIII Inventory IX Multi Step Income Statement X Miscellaneous Terms and Equations XI Long Term Assets XII Develop Cost of Tangible Assets XIII Basket Approach XIV Costs Paid After Purchase XV Depreciation Current Lecture Use study guide McGraw Hill practice problems old activities Recordings and transactions ch 5 Record a sale on account terms 2 10 net 30 Dr acct receivable 2000 cr sales 2000 Customer returns 200 of items purchased Dr sales returns and allowances 200 cr acct receivable Customer pays and takes discount Balance due 2000 200 1800 02 36 sales discount Dr cash 1764 dr sales discount 36 cr acct receivable 1800 Sell inventory when making sale cost of inventory sold is 1000 Dr acct receivable 2000 cr sales 2000 Dr cost of goods sold 1000 cr inventory 1000 Valuation allowance method of receivables method Acct receivable 100 000 begin allowance for uncollectable accts 100 cr balance 5 estimated uncoll accts mgmt makes the estimate Questions that might be asked What is the ending allowance for uncoll accts contra asset 100 000 05 5000 end balance What is the amount of bad debt expense End bal beg cr bal 5000 100 4900 exp What is the journal entry to record the bad debt expense Dr bad debt expense 4900 cr allow for uncoll accts 4900 What is net acct receivable or net realizable value Acct rec end allow balance 100 0005000 95 000 if beginning balance in allowance is a debit overdrawn bad debt exp end bal beg bal end begin balance Set up allowance for bad accts When it goes bad we do a write off eliminate acct from our records Dr



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