· 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