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ACC 291T Week 4 Apply: Connectu00ae Exercise//tutorfortune.com<br><br>Click on below link to buy<br>https://tutorfortune.com/products/acc-291t-week-4-apply-connect-exercise<br><br>ACC 291T Week 4 Apply: Connectu00ae Exercise<br><br>Review the Knowledge Check in preparation for this assignment.<br><br>Complete the Week 4 Exercise in Connectu00ae.<br><br>Note: You have only one attempt available to complete this assignment.<br><br>Grades must be transferred manually to eCampus by your instructor. Donu2019t worry, this might happen after your due date.<br><br>Identify the statement below that is true regarding the Allowance for Doubtful Accounts account.<br><br>Multiple Choice<br><br><br>The account has a normal credit balance and is reported on the balance sheet.<br><br>The account has a normal debit balance and is reported on the balance sheet.<br><br>The account has a normal credit balance and is reported on the income statement.<br><br>The account has a normal debit balance and is reported on the income statement.<br><br>On June 1, 2019, Mighty Fast Flooring issued a 10-month, 9 percent note for $5,000. The note was recorded in the Notes Payable-Trade account. The adjusting entry on December 31 to record the interest accrued (owed) on the note is:<br><br>Multiple Choice<br><br>a debit to Interest Expense for $450.00 and a credit to Interest Payable for $450.00.<br><br>a debit to Interest Income for $450.00 and a credit to Interest Receivable for $450.00.<br><br>a debit to Interest Expense for $262.50 and a credit to Interest Payable for $262.50.<br><br>Correct<br>a debit to Interest Expense for $262.50 and a credit to Notes Payable-Trade for $262.50.<br><br>On January 1, 2019, a firm purchased machinery for $19,000. Depreciation expense for the year ending December 31, 2019, given the straight-line method, a 8-year useful life, and a salvage value of $2,000, is<br><br>Multiple Choice<br><br>$2,125.<br><br>$2,000.<br><br>u2022<br><br>$2,375.<br><br>$2,400.<br>Which of the following statements is correct?<br><br>Multiple Choice<br><br>Income that has been earned but not yet received is called accrued income.<br><br>Unearned Subscription Income is a liability account.<br><br>Under the accrual basis of accounting, revenue is recognized and recorded in the period when it is earned regardless of when cash related to the transaction is received.<br>All of these statements are correct.<br><br>On November 1, 2019, a firm accepted a 5-month, 10 percent note for $1,200 from a customer with an overdue balance. The accrued interest recorded for this note for the year ended December 31, 2019, is<br><br>$2,000 debit.<br><br>$2,400 debit.<br>ACC 291T Week 4 Apply: Connectu00ae Exercis<br>Click on below link to buy<br>https://tutorfortune.com/products/acc-291t-week-4-apply-connect-exercise<br>
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ACC 291T Week 4 Apply: Connect® Exercise//tutorfortune.com Click on below link to buy https://tutorfortune.com/products/acc-291t-week-4-apply-connect-exercise A C C 2 9 1 T We e k 4 A p p l y : C o n n e c t ® E x e r c i s e R e v i e w t h e K n o w l e d g e C h e c k i n p r e p a r a t i o n f o r t h i s a s s i g n me n t . C o mp l e t e t h e We e k 4 E x e r c i s e i n C o n n e c t ® . N o t e : Y o u h a v e o n l y o n e a t t e mp t a v a i l a b l e t o c o mp l e t e t h i s a s s i g n me n t . G r a d e s mu s t b e t r a n s f e r r e d ma n u a l l y t o e C a mp u s b y y o u r i n s t r u c t o r . D o n ’ t w o r r y , t h i s mi g h t h a p p e n a f t e r y o u r d u e d a t e . I d e n t i f y t h e s t a t e me n t b e l o w t h a t i s t r u e r e g a r d i n g t h e A l l o w a n c e f o r D o u b t f u l A c c o u n t s a c c o u n t . Mu l t i p l e C h o i c e T h e a c c o u n t h a s a n o r ma l c r e d i t b a l a n c e a n d i s r e p o r t e d o n t h e b a l a n c e s h e e t . T h e a c c o u n t h a s a n o r ma l d e b i t b a l a n c e a n d i s r e p o r t e d o n t h e b a l a n c e s h e e t . T h e a c c o u n t h a s a n o r ma l c r e d i t b a l a n c e a n d i s r e p o r t e d o n t h e i n c o me s t a t e me n t . T h e a c c o u n t h a s a n o r ma l d e b i t b a l a n c e a n d i s r e p o r t e d o n t h e i n c o me s t a t e me n t . O n J u n e 1 , 2 0 1 9 , Mi g h t y F a s t F l o o r i n g i s s u e d a 1 0 - mo n t h , 9 p e r c e n t n o t e f o r $ 5 , 0 0 0 . T h e n o t e w a s r e c o r d e d i n t h e N o t e s P a y a b l e - T r a d e a c c o u n t . T h e a d j u s t i n g e n t r y o n D e c e mb e r 3 1 t o r e c o r d t h e i n t e r e s t a c c r u e d ( o w e d ) o n t h e n o t e i s : Mu l t i p l e C h o i c e a d e b i t t o I n t e r e s t E x p e n s e f o r $ 4 5 0 . 0 0 a n d a c r e d i t t o I n t e r e s t P a y a b l e f o r $ 4 5 0 . 0 0 . a d e b i t t o I n t e r e s t I n c o me f o r $ 4 5 0 . 0 0 a n d a c r e d i t t o I n t e r e s t R e c e i v a b l e f o r $ 4 5 0 . 0 0 . a d e b i t t o I n t e r e s t E x p e n s e f o r $ 2 6 2 . 5 0 a n d a c r e d i t t o I n t e r e s t P a y a b l e f o r $ 2 6 2 . 5 0 . C o r r e c t a d e b i t t o I n t e r e s t E x p e n s e f o r $ 2 6 2 . 5 0 a n d a c r e d i t t o N o t e s P a y a b l e - T r a d e f o r $ 2 6 2 . 5 0 . O n J a n u a r y 1 , 2 0 1 9 , a fi r m p u r c h a s e d ma c h i n e r y f o r $ 1 9 , 0 0 0 . D e p r e c i a t i o n e x p e n s e f o r t h e y e a r
e n d i n g D e c e mb e r 3 1 , 2 0 1 9 , g i v e n t h e s t r a i g h t - l i n e me t h o d , a 8 - y e a r u s e f u l l i f e , a n d a s a l v a g e v a l u e o f $ 2 , 0 0 0 , i s Mu l t i p l e C h o i c e $ 2 , 1 2 5 . $ 2 , 0 0 0 . • $ 2 , 3 7 5 . $ 2 , 4 0 0 . Wh i c h o f t h e f o l l o w i n g s t a t e me n t s i s c o r r e c t ? Mu l t i p l e C h o i c e I n c o me t h a t h a s b e e n e a r n e d b u t n o t y e t r e c e i v e d i s c a l l e d a c c r u e d i n c o me . U n e a r n e d S u b s c r i p t i o n I n c o me i s a l i a b i l i t y a c c o u n t . U n d e r t h e a c c r u a l b a s i s o f a c c o u n t i n g , r e v e n u e i s r e c o g n i z e d a n d r e c o r d e d i n t h e p e r i o d w h e n i t i s e a r n e d r e g a r d l e s s o f w h e n c a s h r e l a t e d t o t h e t r a n s a c t i o n i s r e c e i v e d . A l l o f t h e s e s t a t e me n t s a r e c o r r e c t . O n N o v e mb e r 1 , 2 0 1 9 , a fi r m a c c e p t e d a 5 - mo n t h , 1 0 p e r c e n t n o t e f o r $ 1 , 2 0 0 f r o m a c u s t o me r w i t h a n o v e r d u e b a l a n c e . T h e a c c r u e d i n t e r e s t r e c o r d e d f o r t h i s n o t e f o r t h e y e a r e n d e d D e c e mb e r 3 1 , 2 0 1 9 , i s $ 2 , 0 0 0 d e b i t . $ 2 , 4 0 0 d e b i t . A C C 2 9 1 T We e k 4 A p p l y : C o n n e c t ® E x e r c i s Click on below link to buy https://tutorfortune.com/products/acc-291t-week-4-apply-connect-exercise
