· 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
· 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?