1 2 pts A merchant sells an item for $400 and offers credit terms of 1/10, n/30. If the customer decides to pay the invoice within the discount period how much cash will the merchant receive? D Question 2 2 pts At the end of the year a company has a balance of $42,000 in accounts receivable and $1,000 in the allowance for doubtful accounts. Before preparing their financial statements they determine that a $200 invoice won't be collectible and they decide to write it off. What will their net receivables be on the year-end balance sheet? Question 3 2 pts 40,800 D Question 3 2 pts If, during the bank reconciliation process, a company determines that they forgot to record a check that was written during the month which had been paid by the bank this will show on the reconciliation as: O an increase to the bank balance O an increase to the book balance O a decrease to the bank balance O a decrease to the book balance 0 Question 4 2 pts D Question 4 2 pts Which of the following adjustments reflected on a bank reconciliation would require the company to make a correction into their records? none of these would require the company to record a correction into their records OA check for $37 deposited during the month, but returned for non-sufficient funds. O outstanding checks O deposits in transit Question 5 How will the purchase of inventory on account effect the accounting equation? O Have no effect on assets (asset exchange) O Increase assets and liabilities O Increase assets and decrease liabilities O Increase assets and equity 2 pts