- Which one of the following items should not be credited to the trade receivables control account?
A: Sales returns
B: Refunds of customer over‐payments
C: Contras
D: Irrecoverable debts
A: Sales returns
B: Refunds of customer over‐payments
C: Contras
D: Irrecoverable debts
举一反三
- Which of the following would not be found on the credit side of the receivables control account? A: Irrecoverable debts B: Sales C: Cash received D: Returns
- Which TWO of the following are credit entries in the receivables ledger control account? A: Cash paid to credit suppliers B: Discounts received C: Irrecoverable debts D: Sales returns from credit customers
- A business discovers that a customer has become bankrupt. The customer owes the business $2,360. If sales tax is 20%, what accounting entries are necessary? A: DR Irrecoverable debts: $2,360, CR Receivables: $2,360 B: DR Irrecoverable debts: $1,888, DR Sales tax: $472, CR Receivables: $2,360 C: DR Irrecoverable debts: $2,360, CR Sales tax: $393.33, CR Receivables: $1,966.67 D: DR Irrecoverable debts: $1,966.67, DR Sales tax: $393.33, CR Receivables: $2,360
- Which of the following items will not appear in a receivables control account? A: Discount allowed. B: Bad debts written off. C: Increases in the allowance for debtors. D: Allowance to credit customers.
- The balance on the receivables control account should be reconciled to which of the following? A: The sales day book B: The receivables ledger C: Invoices and remittance advices D: The cash book