1)On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit terms 2/10, n/30. How would Flores record the sale on November 10?

2)On February 1, 2024, a company lends cash and accepts a $2,000 note receivable that offers 18% interest and is due in six months. How much interest revenue will the company report during 2024?

3) Allowance for Uncollectible Accounts is a(n):

• Liability account.

• Contra revenue account.

• Contra asset account.

• Expense account.

4)Gershwin Wallcovering, Incorporated shipped the wrong shade of paint to a customer. The customer agreed to keep the paint upon being offered a 15% price reduction. The price reduction is an example of a:

Multiple Choice

• Sales return.

• Sales allowance.

• Sales discount.

• Sales revenue.