bard.sc.edu/ultra/courses/_1073048_1/cl/outline Remaining Time: 2 hours, 58 minutes, 51 seconds. Question Completion Status: QUESTION 1 On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $9,000. What is the adjusting entry for the accrued interest at December 31 on the note? (Use 360 days a year.) O Debit Interest Expense, $120; credit Interest Payable, $120. O Debit Interest Expense, $720; credit Interest Payable, $720. O No adjusting entry is required. O Debit interest payable, $120; credit interest expense, $120. Debit Interest Payable, $240; credit Interest Expense, $240. QUESTION 2 Gideon Company uses the direct write-off method of accounting for uncolled accounts. On May 3, the Gideon Company wrote off the $2,000 uncollectible account of its customer, A. Hopkins. The entry or entries Gideon makes to re the write off of the account on May 3 is: Accounts Receivable-A. Hopkins 2,000 Cash dat Question Completion Status: U $278,000. QUESTION 5 A company has the following per unit original costs and replacement costs for its inventory. LCM is applied to individual items. Part A: 50 units with a cost of $5, and replacement cost of $4.50 Part B: 75 units with a cost of $6, and replacement cost of $6.50 Part C: 160 units with a cost of $3, and replacement cost of $2.50 Under the lower of cost or market method, the total value of this company's ending inventory is: 0 $1,137.50. $1,112.50. $1,217.50. $1,180.00 $1,075.00. QUESTION 6 Monarch Company uses a weighted average perpetual inventory system, and has the following purchases and sales: January 1 January 12 January 20 2 0 units were purchased at $10 per unit. 1 2 units were sold. 1 8 units were purchased at $11 per unit. Click Save and Submit to save and submit. Click Save All Answers to save all answers