7. Separation of duties is important for internal control of a. cash receipts c. none of the above b. cash payment d. both of the above 8. The entry to record a write-off of an uncollectible account when using the allowance method involves a. a debit to Allowance for Bad Debts b. a debit to Bad Debts Expense c. a credit to Allowance for Bad Debes d. a credit to Bad Debes Expense 9. A copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose the Company junks this machine and receives nothing, What is the result of the disposal transaction? a. No gain no loss c. Gain of $1,000 b. Loss of $1,000 d. Loss of $45,000 10. Your company sells $180,000 (selling price) of goods and collects sales of tax of 8% What does the sales create? a. Sales revenue of $194,400 .Account payable of S180.000 b. Account payable of $194,400 d. Sales revenue of $180,000 IL. (15') On December 31, 2017, the accounts of ABB Medical show the following Accounts receivable The company prepares the following aging schedule for its accounts receivable Age of Accounts 1-90 91-180 181-360 Over 360 Days Days $60,000 5% Days $40,000 $10,000 Accounts Receivable Days $80,000 0.4% 50% Estimated percent uncollectible 1) Caleulate the bad debt expense, allowance for uncollectible receivable and accounts reeeivable of the year, and 2) journalize the bad debt expense. IIL. 20/) IR Tite Stotde ollog July purchases and sales das or a li or tesit deals: The company uses a perpetual inventory system. 1) Prepare the company's inventory reeord on FLFO basis. 2) Identify cost of goods sold for the month and the profit of the month. 3) Journalize the tra July 16, 24 and 24 Unit Price Item Quantity (Units) Date $78 July1 Beginning Inventory 10 79 95 80 100 13 Sales 24 27 Sales Return of the sales On July 24 IV. Journalize the following transactions according to the descriptions and requirements: (45') 1. In March, Smith Co.completed the following transactions