ACC 291

ACC 291 FINAL EXAM

1) Hahn Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $300,000 and credit sales are $1,200,000. Management estimates that 1% is the sales percentage to use. acc 291 final exam. What adjusting entry will Hahn Company make to record the bad debts expense?

2) Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $15,000. acc 291 final exam. If the balance of the Allowance for Doubtful Accounts is $3,000 credit before adjustment, what is the amount of bad debts expense for that period?

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3) Intangible assets

4) Intangible assets are the rights and privileges that result from ownership of long-lived assets that

5) The book value of an asset is equal to the

6) Gains on an exchange of plant assets that has commercial substance are

ACC 291 FINAL EXAM