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 would not be found on the credit side of the receivables control account? A: Irrecoverable debts B: Sales C: Cash received D: Returns

A business must write off an irrecoverable debt of $3,000.What is the journal entry to record this in the nominal ledger? A: Debit Trade receivables $3 ,000; Credit Sales $3,000 B: Debit Sales $3,000; Credit Trade receivables $3 ,000 C: Debit Irrecoverable debt expense $3,000; Credit Trade receivables $3,000 D: Debit Trade receivables $3,000; Credit Sales $3,000

- 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

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

On 3rd March credit sales were made of $25,000, cash sales of $4,500 were made, and debts outstanding of $3,200 were written off as irrecoverable. What will be the total of entries for 3rd March to the receivables control account? A: Debit $21,800 B: Credit $21,800 C: Debit $26,300 D: Credit $26,300

A company has opening receivables at the start of March of $356,789. 5% of receivables will be written off as irrecoverable debts. Budgeted sales in the month are $875,234 and closing receivables are expected to be $379,365. How much cash is expected to be received from receivables? A: $852,658 B: $834,819 C: $897,810 D: $915,649

The auditor of P Co is planning the audit work on trade receivables.Which of the following procedures could not be performed by using computer-assisted audit techniques？（ ）。 A: Evaluation of the adequacy of the allowance for irrecoverable receivables B: Selection of a sample of receivables for confirmation C: Calculation of receivables days D: Production of receivables' confirmation letters

The auditor of P Co is planning the audit work on trade receivables.Which of the following procedures could not be performed by using computer-assisted audit techniques? A: Selection of a sample of receivables for confirmation B: Calculation of receivables days C: C Production of receivables' confirmation letters D: Evaluation of the adequacy of the allowance for irrecoverable receivables

North Co has a receivables balance at 31 October 20X7 of $456,330. The accountant at North is preparing the financial statements for the year ended 31 October 20X7 and must account for the following. 1 A balance owed by South Co of $780 is deemed irrecoverable and must be written off. 2 The brought forward receivables allowance is $15,255. The allowance for receivables should be adjusted to the equivalent of 5% of the outstanding receivables balances. 3 A payment of $450 from East Co has been received on 30 October. The payment relates to a balance that had previously been written off as irrecoverable by North Co. What value for receivables should appear in the statement of financial position of North Co at 31 October 20X7?