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ACC 291 Final Exam Solutions

ACC 291 Final Exam Solutions

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ACC 291 Final Exam Solutions

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ACC 291 Final Exam Solutions

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. 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. 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?

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

7) Ordinary repairs are expenditures to maintain the operating efficiency of
a plant asset and are referred to as

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