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1) The Connecting Company uses the percent of sales method of accounting for
uncollectible accounts receivable. During the current year, the following transactions
occurred:
1> Prepare the general journal entries to record these transactions.
2> If the balance of the allowance for uncollectible accounts was $8,000 on January 1
of the current year, determine the balance of the allowance for uncollectible accounts at
December 31 of the current year. Assume that the transactions above are the only
transactions affecting the allowance for uncollectible accounts during the year.
2) Define variable cost, fixed cost, and mixed cost.
3) Harriet's Toy Shop had net sales of $852,000. The gross profit was $230,000.
Calculate Harriet's cost of goods sold.
Answers will vary
Feedback: $852,000 - $230,000 = $622,000
4) A petty cash fund was originally established with a check for $150. In the petty cash
fund on December 31 (the period-end), you find the following:
Prepare the general journal entry to record the replenishment of the petty cash fund on
December 31.
5) ________________ activities involve the acquisition and disposal of resources that
an organization uses to acquire and sell its products or services.
6) Examining strategies that impact several estimates in the CVP analysis is known as
______________________.
