ACCY 201 EXAM 2 2026 FINANCIAL STATEMENTS WORKBOOK SOLVED QUESTIONS COMPILATION

ACCY 201 FINAL EXAM BARTON 2026
FINANCIAL STATEMENTS WORKBOOK SOLVED
QUESTIONS COMPILATION

◉ How to find the maturity value.
Answer: face amount (+) interest


◉ Journal entry for recording issuance and maturity of a note.
Answer: Notes receivable xxxx
Accounts receivable xxxx


Interest receivable xxxx
Interest revenue xxxx


Cash xxxx
Notes receivable xxxx
Interest receivable xxxx
Interest revenue xxxx


◉ At the end of the fiscal year, before the accounts are adjusted,
Accounts Receivable has a balance of $200,000 and Allowance for
Doubtful Accounts has a credit balance of $2,500. If the estimate of

,uncollectible accounts determined by aging the receivables is
$8,500, the amount of bad debt expense is:


Answer
$2,500


$6,000


$8,500


$11,000.
Answer: B


◉ At the end of the fiscal year, Accounts Receivable has a balance of
$100,000 and Allowance for Doubtful Accounts has a balance of
$7,000. The expected net realizable value of the accounts receivable
is:


Answer
$7,000


$93,000

, $100,000


$107,000.
Answer: B


◉ What is the maturity value of a 90-day, 12% note for $10,000?


Answer
$8,800


$10,000


$10,300


$11,200.
Answer: C


◉ What is the due date of a $12,000, 90-day, 8% note receivable
dated August 5?


Answer
October 31