____ 46. Which one of the fixed asset accounts listed below will not have a related contra asset account?

a.	Office Equipment
b.	Land
c.	Delivery Equipment
d.	Building

____ 47. 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 2% of net sales. If net sales are $600,000, the amount of the adjusting entry to record the provision for doubtful accounts is

a.	$18,000
b.	$17,500
c.	$12,000
d.	none of the above

____ 48. Allowance for Doubtful Accounts has a credit balance of $800 at the end of the year (before adjustment), and an analysis of A/R in the customers ledger indicates doubtful accounts of $15,000. Which of the following entries records the proper provision for doubtful accounts?

a.	debit Uncollectible Accounts Expense, $800; credit Allowance for Doubtful Accounts, $800
b.	debit Uncollectible Accounts Expense, $14,200; credit Allowance for Doubtful Accounts, $14,200
c.	debit Allowance for Doubtful Accounts, $800; credit Uncollectible Accounts Expense, $800
d.	debit Allowance for Doubtful Accounts, $15,800; credit Uncollectible Accounts Expense, $15,800

____ 49. Adjusting entries are

a.	the same as correcting entries
b.	needed to bring accounts up to date and match revenue and expense
c.	optional under generally accepted accounting principles
d.	rarely needed in large companies

____ 50. When a buyer returns merchandise that was purchased on account, and the merchandise is returned prior to any payment, the buyer may record the transaction using the following entry

a.	debit Merchandise Inventory; credit Accounts Payable
b.	debit Accounts Payable; credit Merchandise Inventory
c.	debit Accounts Payable; credit Cost of Merchandise Sold
d.	debit Cost of Merchandise Sold; credit Accounts Payable

____ 51. Under a perpetual inventory system, the amount of each type of merchandise on hand is available in the

a.	customer's ledger
b.	creditor's ledger
c.	inventory ledger
d.	merchandise inventory account

____ 52. When a check is mailed, the notification that accompanies the payment, and indicates the specific invoice being paid is called a

a.	remittance advice
b.	voucher
c.	debit memorandum
d.	credit memorandum

____ 53. If merchandise inventory is being valued at cost and the purchase price is steadily falling, which method of costing will yield the largest net income?

a.	average cost
b.	LIFO
c.	FIFO
d.	weighted average

____ 54. If the allowance method of accounting for uncollectible receivables is used, what general ledger account is debited to write-off a customer's account as uncollectible?

a.	Uncollectible Accounts Expense
b.	Allowance for Doubtful Accounts
c.	Accounts Receivable
d.	Interest Expense

____ 55. The primary ledger containing all the balance sheet and income statement accounts is the

a.	general ledger
b.	creditors ledger
c.	customers ledger
d.	subsidiary ledger