Author Question: Match each of the statements below with the appropriate item. Each item is used only once. a. ... (Read 75 times)

madam-professor · **on:** Jul 5, 2018

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

a. Accounts receivable
b. Bad debts expense
c. Write-off
d. Allowance for uncollectible accounts

_____ 1. The contra account for accounts receivable has a balance of (575).
_____ 2. The total amount that customers owe Seven Seas that is estimated to be uncollectible is 657.
_____ 3. The total amount customers owe on account is 3,124.
_____ 4. 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.
_____ 5. 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.

Question 2

The total payroll cost to an employer of an employee who has gross earnings of 78,000 is
a. 78,000 plus 30 percent.
b. less than 78,000.
c. exactly 78,000.
d. more than 78,000.