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 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

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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

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

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?