1-A credit sale of $4,000 is made on July 1^st with terms of 3/10, n/30. Payment is collected in full (less the discount) on July 3^rd. Which of the following entries would we see.

debit to sales revenue for $60

debit to sales returns and allowances for $120

debit to sales discounts for $120

-Alpha First Company just began business and made the following four inventory purchases in June:

June 1 150 units $ 1,000

June 10 200 units 1,300

June 15 200 units 1,800

June 28 150 units 1,450

$5,500

A physical count of merchandise inventory on June 30 reveals that there are 150 units on hand. Using the LIFO inventory method, the value of the ending inventory on June 30 is:

$1,000

$1,200

$1,450

$1,800

-Jenks Company developed the following information about its inventories in applying the lower-of-cost-or-net-realizable-value(LCNRV) basis in valuing inventories:

Product Cost NRV

A $90,000 $85,000

B 73,000 79,000

C 153,000 181,000

After Jenks applies the LCNRV rule, the value of the inventory reported on the balance sheet would be:

$354,000

$350,000

$362,000

$311,000

credit to sales revenue for $60

-Having one person responsible for the related activities of ordering merchandise, receiving goods, and paying for them shows a lack of which internal control principle?

establishment of responsibility

segregation of duties

conservatism

independent verification

-An aging of a company's accounts receivable indicates that $10,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $5,200 debit balance, the adjustment to record bad debts for the period will require a:

debit to Bad Debt Expense for $10,000

credit to Allowance for Doubtful Accounts for $10,000

debit to Bad Debt Expense for $15,200

debit to Bad Debt Expense for $10,800