How would a private college or university report its estimate for uncollectible tuition and fees on its statement of activities?
A. A direct reduction of Tuition and Fees-Unrestricted.
B. A contra-revenue account titled Provision for Doubtful Accounts.
C. An operating expense titled Bad Debt Expense.
D. An operating expense titled Provision for Doubtful Accounts.
Answer: A
You might also like to view...
Which of the following operating activities results in a cash outflow?
a. Paying creditors for merchandise b. Collecting accounts receivable c. Making cash sales d. Receiving deposits recorded as unearned revenue
Barnes Company purchased $50,000 of 8% bonds at par. The bonds mature in six years and are a held-to-maturity security. Which of the following is the correct journal entry to record the receipt of the semiannual interest payment?
A. debit Cash, $4,000; credit Unrealized Gain-Equity, $4,000. B. debit Cash, $4,000; credit Debt Investments?HTM, $4,000. C. debt Cash, $2,000; credit Debt Investments?HTM, $2,000. D. debit Unrealized Gain-Equity, $2,000; credit Cash, $2,000. E. debit Cash, $2,000; credit Interest Revenue, $2,000.
Raymond agrees to transfer an easement right to Sandra for $1,000. This contract is within the statute of frauds and therefore needs to be in writing to be enforceable
Indicate whether the statement is true or false
Which of the following is true about a 401(k) plan?
A) There is no penalty for early withdrawal of these funds. B) There is no limit on the dollar amount you can contribute. C) Your contributions are automatically vested and are yours, regardless of when you leave the firm. D) 401(k) contributions are made after taxes are paid on your salary.