Receivablens are generally classified as:account receivable, agency receivables, and various other receivables.accounts receivable, notes receivable, and employee receivables.accounts receivmaybe and also basic receivables.accounts receivable, notes receivable, and various other receivables.

You are watching: Which one of these statements about promissory notes is incorrect?


Buehler company top top June 15 sells was top top accounting come Chaz Co. Because that $1,000, state 2/10, n/30. Top top June 20, Chaz Co. Returns goods precious $300 to Buehler Company. ~ above June 24, paymenns is got native Chaz Co. For the balance due. What is ns amount that cash received?$700.$680.$686.None of ns above.


i beg your pardon of the complying with ideologies for bADVERTISEMENT debts is best explained as a balance paper method?Percentage-of-receivables basis.straight write-off method.Percentage-of-salens basis.Both a and also b.


Hughes firm has a credit balance that $5,000 in itns pin money because that hesitant accounts prior to any adjustments are made at ns finish of ns year. Based upon review and aging that its account receivable at ns finish the ns year, Hughens estimates the $60,000 the itns receivables to be uncollectible. Ns amount that bADVERTISEMENT fan expense i beg your pardon must be reporting for ns year is:$5,000.$55,000.$60,000.$65,000.


network salens for ns month to be $800,000, and also bAD debts are expected to be 1.5% of net sales. Ns firm supplies the percentage-of-sales basis. If allowance because that unconvinced account has a credit balance that $15,000 prior to adjustment, wcap is the balance after adjustment?$15,000.$27,000.$23,000.$31,000.


In 2012, Rotherefore Carlson company hADVERTISEMENT network crmodify sales the $750,000. ~ above January 1, 2012, allowance because that unconvinced accounts hADVERTISEMENT a crmodify balance that $18,000. Throughout 2012, $30,000 of uncollectible account receivmay be were composed off. Past endure shows that 3% of net credit salens end up being uncollectible. What have to it is in the adjusted balance that pin money because that hesitant accounts at December 31, 2012?$10,050.$10,500.$22,500.$40,500.


among ns following statementns around promissory note ins incorrect. The incorrect statemenns is:ns party makinns ns promise to pay is referred to as ns maker.the party to who paymenns ins to it is in made is dubbed the payee.A promissory Keep in mind is not a negotiable instrument.A promissory Note ins frequently required from high-hazard customers.


i beg your pardon the ns adhering to statements around passport crmodify map sales is incorrect?the crmodify card issuer provides ns crmodify investigation that the customer.ns retailer ins no associated in the arsenal process.2 parties to be involved.the retailer receivens cash more easily than it would native separation, personal, instance client top top account.


accounts and note receivmay be are reported in the existing assets section of the balance paper at:cash (net) realizmay be valuenetwork Publication value.lower-of-cost-or-market value.invoice cost.

See more: Nyx Professional Makeup Slip Tease Full Color Lip Oil, I Woke Up Like This, 0


Oliveras agency hADVERTISEMENT network credit salens During the year the $800,000 and cost of goods marketed of $500,000. Ns balance in account receivable at the start of ns year was $100,000, and ns finish of the year it wtogether $150,000. What were ns accounts receivmaybe turnover ratio and ns averPeriod arsenal duration in days?4.0 and 91.3 days.5.3 and also 68.9 days.6.4 and also 57 days.8.0 and 45.6 days.