ACC 556 ASSIST Perfect Education/acc556assist.com ACC 556 ASSIST Perfect Education/acc556assist.com | Page 69

•Question 9 Receivables are •Question 10 Regions Inc. pays its rent of $48,000 annually on January 1 and makes monthly adjusting entries. If the February 28 monthly adjusting entry 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 the most? •Question 2 Bad Debt Expense is considered •Question 3 A trial balance proves •Question 4 Fehr Company sells merchandise on account for $5,000 to Kelly Company with credit terms of 2/10, n/30. Kelly Company returns $1,000 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check? •Question 5 A revenue generally •Question 6 A merchandiser will earn an operating income of exactly $0 when •Question 7 Smithson Corporation‘s unadjusted trial balance includes the following 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 amount of bad debt expense will the company record? •Question 8 All of the following are characteristics of every accounting information system except it is a system