38%. QUESTION 4 Which of the following does not correctly describe the effect of a credit card discount? O Operating expenses remain the same and net income decreases O Neither operating expenses, nor net income is affected O Net sales decrease and gross profit decreases. O Net sales decrease and net income decreases. QUESTION 5 On January 1 2016, Ryan Company paid the premium on a three-year insurane policy in the amount of $6,000. At that time, the full amount paid was recorded as prepaid insurance. After recording the adjusting entry for the insurance policy on O https:/regent blackboard.com/webapps/assessment orites here, select then , and drag to the Favorites Bar folder. Or import QUESTION 25 A customer purchased and received $5,000 of goods on credit from Discount Paper Supply on September 1. The customer received the bill on September 13 and maile a $5,000 check on September 30. Discount Paper Supply received the check on October 4. On which of the following dates should Discount Paper Supply record sales revenue? October 4 0 September 13 O September 1 O September 30 QUESTION 26 2.5 p The cash records and the bank statement of Frankel Company showed the following at the end of February 2016: Outstanding checks as of the beginning of February