· Question 7 Smithson Corporation ‘ s unadjusted trial balance includes the followin g balances ( assume normal balances ):
Accounts Receivable $ 3,357,000 Allowances for Doubtful Accounts $ 63,900
Bad debts are estimated to be 6 % of outstanding receivables . What am ount of bad debt expense will the company record ?
· Question 8 All of the following are characteristics of every accounting informatio n system except it is a system
· Question 9 Receivables are
· Question 10 Regions Inc . pays its rent of $ 48,000 annually on January 1 and make s monthly adjusting entries . If the February 28 monthly adjusting entr y for prepaid rent is omitted , which of the following are true ?
· Question 11 What is an advantage of using the multiple-step income statement ?
· Question 1 Which of these would cause the inventory turnover ratio to increase th e most ?
· Question 2 Bad Debt Expense is considered
· Question 3 A trial balance proves