3/18 of the following situations is impossible! A Book value is greater than residual value. B. Book value is less than residual value C. Book value is equal to the residual value D. Book value is less than the original cost Neutron sold goodso t to James Company on June 15 f f James Company pays the bill for full settlement on June 27. Neuro's journal entry to record the collection on account will include A. a debit to cash for $300 B adebit to Accounts Payable for $300 C a dobit to Sales Revenue for $300 D. a credit to Accounts Receivable for $30. 8. fa capital expenditure is mistakenly recorded as a revenue expenditure, the effect is to A understate profit, shareholders' equity, and assets. B. O state profit and shareholders' equity, and understate assets. C. understate profit and shareholders' equity, and overseasts. D. None of the above. 9. Failure to record accrued interest on notes payable causes a company to A overstate interest income B. understate interest expense C understate shareholders' equity. D. Both Band Care correct. 10. If beginning inventory is understated by $10,000, the effect of this error in the current periodis Cost of Goods Sold Profit A Understated Understated Ovastated Ovenstad Understated Overstated D. Overstated Understated 11. A The custodian of we should be an accountant. B. have been to the accounting records for the asset C. be someone from outside the company D. not have access to the accounting records for the asset. 12 Under the allowance method, writing off an uncollectible cont A. affects only statement of financial position accounts B. affects both statement of financial position and income statement accounts Caffects only income statement accounts D. is not acceptable practice 13. Atrial balance will NOT balance if A. a journal entry is posted twice B. a wrong cunt is used in journaling C. incorect account titles are used in journalizing D. a journal cry is only partially posted