acture con Question 12 5 pts Which of the following activities is not a component of the operating cycle? Collection of cash from merchandise sales Sale of merchandise Payment of employees'salaries Purchase of merchandise Question 13 5 pts If a company is given credit terms of 2/10, 1/30, it should O hold off paying the bill until the end of the credit period, while investing the money at 10% annual interest during this time. O pay within the credit period but don't take the trouble to invest the cash while waiting to pay the bill. O pay within the discount period and recognize a savings. recognize that the supplier is desperate for cash and withhold payment until the end of the credit period while negotiating a lower sales price. structure.com Question 10 5 pts The following information is from the Income Statement of the $7150 Sheridan Laundry Service: Revenues Service Revenues Expenses Salaries and Wages Expense 2700 Advertising expense 550 Supplies Expense 220 Rent Expense 330 110 Insurance Expense Total Expense 3910 3240 Net Income The entry to close the Laundry Service Revenue account includes a: debit to Income Summary for $7150 debit to Service Revenue for $7150. credit to Service Revenue for $7150. debit to Retained Earnings for $7150. com decrease assets and increase revenues. Question 7 5 pts Whispering Winds Corp. employs a 5-day workweek and a September 30 year-end. Normal weekly wages amount to $28,080. If September 30 ends on a Wednesday, what is the appropriate journal entry at fiscal year-end? O Dr Salaries and Expense $5616 Cr Salaries and Wages Payable $5616 Dr Salaries and Wages Expense $16848 Cr Salaries and Wages Payable $16848 O Dr Salaries and Wages Expense $16848 Cr Cash $16848 Dr Salaries and Wages Expense $28080 Cr Salaries and Wages Payable $28080