5.The ending balance of the Accounts Receivable account was $10,000 and the beginning balance was $14,000. Services billed to customers for the period were $21,500. What was the amount of collections from customers?

$17,500

$25,500

None of the others alternatives are correct

$45,500

$31,500

7When a company uses the periodic inventory system in accounting for its merchandise inventory, which of the following is true?

None of the others alternatives are correct

Cost of goods sold is computed at the end of the accounting period rather than at each sale

The inventory account is updated throughout the year as purchases are made

The inventory account is updated after each sale.

Purchases are recorded in the cost of goods sold account.

10.Banner Ltd., bought merchandise for $900, terms 2/10, n/30. If Banner returns $300 worth of the goods to the vendor, the entry to record the return should include a

None of the others alternatives are correct

Debit to Discounts Lost of $6

Debit to Purchases Returns and Allowances of $294

Debit to Accounts Payable of $300

Credit to Purchases Returns and Allowances of $294