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On January 15 , Nifty Company sells merchandise on account to Martinez Associates for $ 3,000 with terms 3 / 10 , n / 30 . On January 20 , Martinez returns merchandise worth $ 600 to Nifty . On January 24 , payment is received from Martinez for the balance due . What is the amount of cash received ? Question 8
The expense recognition Question 9
Which one of the following is not a principle of sound accounts receivable management ? Question 10
Bad Debt Expense is considered Question 11
When an account is written off using the allowance method , the Question 12
All of the following statements regarding the financial statement presentation of receivables are true except : Question 13
Which of the following is not true regarding a promissory note ? Question 14
The bookkeeper recorded the following journal entry Allowance for Doubtful Accounts 1,000
Accounts Receivable – Richard James 1,000
Which one of the following statements is false ? Question 15