FINANCIAL STATEMENTS: In the income statement if total revenues are 30,000 and the net income is 5,000 how much are the total expenses?

		A. 40,000
		B. 30,000
		C. 20,000
		D. 10,000
		E. None of the above

SPECIAL JOURNALS: In which journal is a purchase return recorded?

		A. Cash Receipts
		B. Cash Payments
		C. Purchases
		D. General
		E. None of the above

INVENTORY METHODS: Co. F has the following units of beginning inventory and purchases for the year: beginning inventory 100 units at $40 each, a 2/28 Purchase 200 units at $50 each and a 6/15 purchase of 200 units at $60 each and a 12/15 purchase of 100 units at $80 each. Using the LIFO method, if the ending inventory is 300 units, what is the cost of the ending inventory?

		A. 14,000
		B. 12,000
		C. 7,000
		D. 6,000
		E. None of the above

SPECIAL JOURNALS: In which journal is the closing entry to close out the expense accounts recorded?

		A. Cash Receipts
		B. Cash Payments
		C. Purchases
		D. Sales
		E. None of the above

SPECIAL JOURNALS: In which journal is the cash sale of merchandise inventory recorded?

		A. General
		B. Cash Payments
		C. Purchases
		D. Sales
		E. None of the above

JOURNAL ENTRIES: Company X currently has a balance in Allowance for Bad Debts of $2,000. Company X's aging schedule indicates that the balance in the Allowance for Bad Debts should be $11,000. What is the adjusting journal entry to increase the balance in the Allowance for Bad Debts to $11,000?

		A. Dr. Bad Debts Expense 11,000; Cr. Allowance for Bad Debts 11,000
		B. Dr. Allowance for Bad Debts 11,000; Cr. Bad Debts Expense 11,000
		C. Dr. Allowance for Bad Debts 2,000 Cr. Bad Debts Expense 2000
		D. Dr. Bad Debts Expense 2,000; Cr. Allowance for Bad Debts 2,000
		E. None of the above