1) When recording a sales transaction, would Jubilee Superstores use the "Sales revenue" field or the "Total Invoice" filed for total revenue? Question 1 options: A) Sales revenue field B) The answer depends on provincial laws. C) Total revenue field D) None of the answers provided are correct

. 2) How would "Sales tax amount" be handled when recording transactions? (Provincial Sales Taxes are covered on page 472 textbook or 702 e-book.) Question 2 options: A) The sales tax amount would decrease accounts receivable. B) The sales tax amount would not need to be recorded. C) The sales tax amount would be recorded as a short-term liability. D) The sales tax amount would increase total sales revenue.

3) Assume all Jubilee Superstores sales are on account. For each sales transaction, would the "Sales revenue" amount or the "Total invoice" amount be recorded as the debit (or increase) to accounts receivable by Jubilee Superstores? Question 3 options: A) Accounts receivable would be increased by the total invoice amount. B) Accounts receivable would be increased by the sales revenue amount. C) Accounts receivable would be decreased by the total invoice amount. D) Accounts receivable would be decreased by the sales revenue amount

4) What is the bad debts expense based on the following information? Assume management calculates bad debts based on 3% of total net credit sales. Sales returns and allowances for the year were $35,000. The allowance for doubtful accounts balance was $5,000. Question 5 options: A) $16,429 B) $16,579 C) $11,353 D) $17,629

5) What is the bad debts expense based on the following information? Assume management calculates bad debts based on 7% of outstanding accounts receivable? Assume the following at year end: AFDA $3,000 credit balance Sales returns and allowances $25,000 Accounts receivable $140,000 Question 6 options: A) $6,800 B) $9,800 C) $4,200 D) $3,000