56. Part I:g. The item name is omitted. Please enter the dollar amount for the item that affects the book balance. If the amount increases the book balance, enter a positive number; if it decreases the book balance, enter a negative number: 

All else equal, it is better to have a higher – rather than lower – accounts receivable turnover.

Pontotoc Company accepts a credit card as payment for $800 of services provided to a customer. The credit card company charges a 5% fee for its collection services. Select the journal entry that Pontotoc should use to record the collection of the accounts receivable (i.e., settlement) from the credit card company:

In preparing the November bank reconciliation for Julia Company, it was discovered that a check was correctly written for $85 to pay utilities expense but the payment was erroneously recorded for $58 in the company’s books. Which of the following entries would correct this error?

51. BONUS In a subsequent period, Jackson collected $750 in cash from a customer whose account balance was previously written off. Complete the journal entry to reinstate the receivable. (The collection part of the recovery – part “b” – has been completed). Each blank is worth 1pt (2pts total). Event Account Title Debit Credit (A)  [a] $750          [b] $750 (B) Cash $750           Accounts Receivable $750  

At the end of the accounting period, Davis Company had $4,500 in accounts receivable and $500 in its allowance for doubtful accounts. Davis reported $800 of uncollectible accounts expense on its income statement for this same accounting period. Based on this information, the net realizable value of accounts receivable is

54d. How much do you credit cash for?

52c. What is allowance for doubtful accounts?

Biloxi Company loaned $30,000 to a customer on July 1, Year 1. The note carried a one-year term and a 12% rate of interest. How will the December 31, Year 1 adjusting entry to record accrued interest revenue impact Biloxi’s Year 1 financial statements?

56. Part II: Part II: Write the journal entry to update Lamb’s Cash account balance for the bank service charge, ONLY: l. What is the debit amount? Account Title Debit Credit                                  l