Solved by verified expert :1. (TCO 7) Cash may not include
2. (TCO 7) On November 10 of the current year, Flores Mills sold carpet
to a customer for $8,000 with credit terms 2/10, n/30. Flores uses the
gross method of accounting for cash discounts. What is the correct entry
for Flores on November 10?
3. (TCO 7) Which of the following does not change the balance in accounts receivable?
4. (TCO 7) Brockton Carpet Cleaning prepares a bank reconciliation at
the end of every month. At the end of July, the balance in the general
ledger checking account was $2,750, and the bank balance on the bank
statement was $2,980. Outstanding checks totaled $680, and deposits in
transit were $400. The bank statement revealed that a check written for
$120 was incorrectly recorded by Brockton as a $220 disbursement. The
bank statement listed service charges and NSF check charges totaling
$150. The corrected cash balance is
5. (TCO 7) At January 1, 2011, Farley Co. had a credit balance of
$520,000 in its allowance for uncollectible accounts. Based on past
experience, 2% of Farley’s credit sales have been uncollectible. During
2011, Farley wrote off $650,000 to accounts receivable. Credit sales for
2011 were $18,000,000. In its December 31, 2011 balance sheet, what
amount should Farley report as allowance for uncollectible accounts?