accounting-Mapco had the following information related to accounts receivable during the year
by ella | Aug 20, 2025 | Business
1.Mapco had the following information related to accounts receivable during the year:
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Accounts receivable balance on January 1st
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$15,000
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Net credit sales
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$150,000
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Collections on accounts receivable
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$144,000
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Allowance account balance on January 1st
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$3,200
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Write-offs during the year
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$3,500
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Mapco uses the percentage-of-sales method of estimating uncollectible accounts. Historically, 2.5% of net credit sales will be uncollectible. What will be the balance in the allowance account for Mapco at the end of the year? (Points : 20) |
$3,450
$6,950
$4,125
$3,750 |
| Question 2.2.A computer monitor is considered part of the computer ________. (Points : 20) |
server
network
software
hardware |
| Question 3.3.Which of the following is NOT an advantage of using a lock-box system? (Points : 20) |
A lock-box system eliminates the data entry requirement for the accounts receivable clerk.
A lock-box system allows the company faster access to cash received from customers.
A lock-box system deters theft by eliminating the mailroom clerk’s access to cash.
Segregation of duties is facilitated by using a lock-box system. |
| Question 4.4.Wilkins Oil Company distributes petroleum products. Their accounting information system is designed to meet the needs of a petroleum distributor. They recently purchased a manufacturing business. To save money, Wilkins Oil Company would like to be able to use their current accounting information system for the manufacturing business. However, their current system is not designed to perform cost accounting or to meet the needs of a manufacturing business. What element of an effective accounting information system is Wilkins Oil Company’s system missing in regards to the needs of the manufacturing business? (Points : 20) |
flexibility
control
compatibility
a good cost/benefit relationship |
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Question 5.5.In most computerized information systems, which process must still be done manually by an individual? (Points : 20)
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data entry
posting to the ledger
preparation of a trial balance
preparation of an adjusted trial balance |
