On February 1, 2020, Sheridan Company sells merchandise on account to Carla Vista Company for $6490....

 

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On February 1, 2020, Sheridan Company sells merchandise on account to Carla Vista Company for $6490. The entry to record this transaction by Sheridan Company is Sales Revenue Accounts Payable Notes Receivable Accounts Receivable Cash Sales Revenue Accounts Receivable Sales Revenue eTextbook and Media 6490 6490 6490 6490 6490 6490 6490 6490 Week 10 - Quiz: Chapters 9 and 18 Question 2 of 10 View Policies < Current Attempt in Progress If an account is collected after having been previously written off, > O the allowance account should be debited. O there will be both a debit and a credit to accounts receivable. O both income statement and balance sheet accounts will be affected. O only the control account needs to be credited. e Textbook and Media Save for Later -/2 Attempts: 0 of 3 used ||| : Submit Answer ←Week 10 - Quiz: Chapters 9 and 18 Question 3 of 10 View Policies < Current Attempt in Progress The allowance method of accounting for uncollectible accounts is required if > O the company charges interest on accounts receivable. O the company is a retailer. O bad debts are significant in amount. O the company makes any credit sales. eTextbook and Media Save for Later -/2 Attempts: 0 of 3 used ||| : Submit Answer ←Week 10 - Quiz: Chapters 9 and 18 Question 4 of 10 View Policies < Current Attempt in Progress A company that receives an interest-bearing note receivable will > O credit Notes Receivable for the face value of the note. O debit Notes Receivable for the maturity value of the note. O credit Notes Receivable for the maturity value of the note. O debit Notes Receivable for the face value of the note. e Textbook and Media Save for Later -/2 Attempts: 0 of 3 used ||| : Submit Answer ←Week 10- Quiz: Chapters 9 and 18 Question 5 of 10 View Policies < > Current Attempt in Progress The entry to record the dishonor of a note receivable assuming the payee expects eventual collection includes a debit to O Allowance for Doubtful Accounts. O Notes Receivable. O Accounts Receivable. O Cash. eTextbook and Media Save for Later -/2 Attempts: 0 of 3 used ||| : Submit Answer ← Week 10 - Quiz: Chapters 9 and 18 Question 6 of 10 View Policies < Current Attempt in Progress In performing a vertical analysis, the base for cost of goods sold is O net sales. O total revenues. O total selling expenses. O total expenses. e Textbook and Media Save for Later > -/2 Attempts: 0 of 3 used ||| : Submit Answer ←Week 10 - Quiz: Chapters 9 and 18 Question 7 of 10 View Policies Current Attempt in Progress < O sales. O net sales. O net income. O gross profit. In vertical analysis, the base amount for each income statement item is eTextbook and Media Save for Later > -/2 Attempts: 0 of 3 used ||| : Submit Answer ← Week 10 - Quiz: Chapters 9 and 18 Question 8 of 10 View Policies O 12.3 times. O 11.0 times. O 7.5 times. O 5.5 times. < e Textbook and Media Save for Later > -/2 Current Attempt in Progress Concord Hardware Store had net credit sales of $8241000 and cost of goods sold of $5000000 for the year. The Accounts Receivable balances at the beginning and end of the year were $590000 and $750000, respectively. The accounts receivable turnover was ||| : Attempts: 0 of 3 used Submit Answer ← Week 10 - Quiz: Chapters 9 and 18 Question 9 of 10 View Policies < Current Attempt in Progress Inventory turnover is calculated by dividing > O average inventory by cost of goods sold. O cost of goods sold by the beginning inventory. O cost of goods sold by the average inventory. O cost of goods sold by the ending inventory. eTextbook and Media Save for Later -/2 Attempts: 0 of 3 used ||| : Submit Answer ←Week 10 - Quiz: Chapters 9 and 18 Question 10 of 10 View Policies < Current Attempt in Progress Long-term creditors are usually most interested in evaluating O solvency and marketability. O liquidity and profitability. O profitability and solvency. O liquidity and solvency. eTextbook and Media Save for Later > -/2 Attempts: 0 of 3 used ||| : Submit Answer On February 1, 2020, Sheridan Company sells merchandise on account to Carla Vista Company for $6490. The entry to record this transaction by Sheridan Company is Sales Revenue Accounts Payable Notes Receivable Accounts Receivable Cash Sales Revenue Accounts Receivable Sales Revenue eTextbook and Media 6490 6490 6490 6490 6490 6490 6490 6490 Week 10 - Quiz: Chapters 9 and 18 Question 2 of 10 View Policies < Current Attempt in Progress If an account is collected after having been previously written off, > O the allowance account should be debited. O there will be both a debit and a credit to accounts receivable. O both income statement and balance sheet accounts will be affected. O only the control account needs to be credited. e Textbook and Media Save for Later -/2 Attempts: 0 of 3 used ||| : Submit Answer ←Week 10 - Quiz: Chapters 9 and 18 Question 3 of 10 View Policies < Current Attempt in Progress The allowance method of accounting for uncollectible accounts is required if > O the company charges interest on accounts receivable. O the company is a retailer. O bad debts are significant in amount. O the company makes any credit sales. eTextbook and Media Save for Later -/2 Attempts: 0 of 3 used ||| : Submit Answer ←Week 10 - Quiz: Chapters 9 and 18 Question 4 of 10 View Policies < Current Attempt in Progress A company that receives an interest-bearing note receivable will > O credit Notes Receivable for the face value of the note. O debit Notes Receivable for the maturity value of the note. O credit Notes Receivable for the maturity value of the note. O debit Notes Receivable for the face value of the note. e Textbook and Media Save for Later -/2 Attempts: 0 of 3 used ||| : Submit Answer ←Week 10- Quiz: Chapters 9 and 18 Question 5 of 10 View Policies < > Current Attempt in Progress The entry to record the dishonor of a note receivable assuming the payee expects eventual collection includes a debit to O Allowance for Doubtful Accounts. O Notes Receivable. O Accounts Receivable. O Cash. eTextbook and Media Save for Later -/2 Attempts: 0 of 3 used ||| : Submit Answer ← Week 10 - Quiz: Chapters 9 and 18 Question 6 of 10 View Policies < Current Attempt in Progress In performing a vertical analysis, the base for cost of goods sold is O net sales. O total revenues. O total selling expenses. O total expenses. e Textbook and Media Save for Later > -/2 Attempts: 0 of 3 used ||| : Submit Answer ←Week 10 - Quiz: Chapters 9 and 18 Question 7 of 10 View Policies Current Attempt in Progress < O sales. O net sales. O net income. O gross profit. In vertical analysis, the base amount for each income statement item is eTextbook and Media Save for Later > -/2 Attempts: 0 of 3 used ||| : Submit Answer ← Week 10 - Quiz: Chapters 9 and 18 Question 8 of 10 View Policies O 12.3 times. O 11.0 times. O 7.5 times. O 5.5 times. < e Textbook and Media Save for Later > -/2 Current Attempt in Progress Concord Hardware Store had net credit sales of $8241000 and cost of goods sold of $5000000 for the year. The Accounts Receivable balances at the beginning and end of the year were $590000 and $750000, respectively. The accounts receivable turnover was ||| : Attempts: 0 of 3 used Submit Answer ← Week 10 - Quiz: Chapters 9 and 18 Question 9 of 10 View Policies < Current Attempt in Progress Inventory turnover is calculated by dividing > O average inventory by cost of goods sold. O cost of goods sold by the beginning inventory. O cost of goods sold by the average inventory. O cost of goods sold by the ending inventory. eTextbook and Media Save for Later -/2 Attempts: 0 of 3 used ||| : Submit Answer ←Week 10 - Quiz: Chapters 9 and 18 Question 10 of 10 View Policies < Current Attempt in Progress Long-term creditors are usually most interested in evaluating O solvency and marketability. O liquidity and profitability. O profitability and solvency. O liquidity and solvency. eTextbook and Media Save for Later > -/2 Attempts: 0 of 3 used ||| : Submit Answer

Answer rating: 100% (QA)

1 This entry reflects the increase in the Accounts Receivable an asset account and the recognition of Sales Revenue a revenue account for the amount of 6490 The entry indicates that Sheridan Company h... View the full answer