11. Most businesses in the United States are: a sole proprietorships b. partnerships C. corporations d. separate entities 12. The two methods of accounting for uncollectible receivables are the allowance method and the: aequity method b, direct write-off method c. interest method d. cost method 13. Which of the following accounts will not be closed to Income Summary at the end of the fiscal year? a. Salaries Expense b. Fees Eamed c. Uncamed Rent d. Depreciation Expense 14. The excess of the sales price of treasury stock over its cost should be: a. Credited to income from treasury stock b. Credited to retained earnings c. Credited to capital stock d. Credited to paid-in capital from sale of treasury stock 15. A business issued a $5,000, 60-day note to a supplier, which discounted the note at 12%. The proceeds are: a. $4,400 b. $4,900 c. $5,000 d. $5,100 16. Allowance for Doubtful Accounts has a debit balance of $500 at the end of the year, before adjustment, and uncollectible accounts expense is estimated at 3% of net sales. If net sales are $600,000, the amount of the adjusting entry to record the provision for doubtful accounts is: a. $12.000 b. $6,800 c. $18,000 d. $1,800 I. TRUE OR FALSE 1. Dividend is a distribution of income to shareholders of a corporation 2. Although Allowance for Doubtful Accounts normally has a credit balance, it may have either a debit or a credit balance before adjusting entries are recorded at the end of the accounting period. 3. If a building is appraised for $90,000, offered for sale at $95,000 and the buyer pays $85,000 cash for it, the buyer would record the building at $90,000. 4. Unemployment taxes, SUTA and FUTA, are paid 5. In preparing a bank reconciliation, the amount of outstanding checks is added to the balance per bank statement. 6. When a corporation issues shares of stock, owners' equity increases 7. Unearned Revenues is an example of a liability 8. In preparing a bank reconciliation, the amount indicated by a credit memorandum for a note receivable collected by the bank is added to the balance per depositor's records. 9. When a corporation purchases treasury stock, owners' equity doubles. 10. The double declining balance method is a method of amortization of intangible assets