You are watching: What are notes or accounts receivable that result from sales transactions often called?
Solution 1: notes or accounts receivables that outcomes from sales transactions space often called "Trade receivables" therefore option c is correct. Equipment 2: Under t…View the full answer
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Transcribed photo text: 1. Notes or account receivables that result from sales transactions are regularly called: a) sales receivables b) nontrade receivables c) trade receivables. D) goods receivables 2. Under the allowance method, writing off one uncollectible account: a) affects only balance paper accounts. B) affects both balance sheet and also income declare accounts. C) affect only revenue statement accounts. D) is not acceptable practice. 3. As soon as an account i do not care uncollectible and must be written off a) pin money for doubtful accounts will be credited. B) allowance for doubtful accounts will be debited. C) poor debt price will be debited. D) account receivable will be debied 4. As soon as a firm uses the allowance method to account because that uncollectible account the repertoire of one account that had actually been previously written off: a) will rise profit. B) will certainly decrease benefit c) will not affect profit. D) will boost sales. 5. One aging that a company's accounts receivable shows that $ 4.000 is estimated to it is in uncollectible. If allowance for unconvinced Accounts has actually a $1,100 credit transaction balance the adjusting entry forced to record estimated uncollectible account will encompass a a) debit to poor Debt cost for $4,000. B) debit to pin money for cynical Accounts for $2,900. C) debit to bad Debt expense for $2.900 d) credit to accounts Receivable for $4,000 6. Rise in the bad debt price would not be caused by: a) an increase in cash sales b) negative economic climate c) boost in credit sales d) a decrease in the high quality of customers 7. One aging that a company's accounts receivable suggests $ 10.000 is approximated to it is in uncolectible. The firm has a $ 2.000 debit balance in its pin money for doublu accounts. The adjustment come record estimated credt losses because that the duration will require ain: a) $ 8.000 debit to poor Debt Expense. B) $ 8.000 credit to the allowance for cynical Accounts c) $ 12,000 debit to negative Debt Expense. D) $ 12,000 credit to account Receivable 8. Allowance for cynical Accounts ~ above the balance sheet: a) is offset versus total current assets b) rises the transferring amount of accounts receivable c) shows up under the heading present Liabilities." d) to reduce gross account receivable