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QUESTION 7 An aging of a company's accounts receivable indicates that $3,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $2,000 credit balance, the adjustment to record bad debts for the period will require a debit to Bad Debts Expense for $5,200 credit to Allowance for Doubtful Accounts for $4,000 debit to Bad Debts Expense for $1,000 credit to Allowance for Doubtful Accounts for $1,000 QUESTION 8 Smithson Corporation's unadjusted trial balance includes the following balances (assume normal balances) Accounts Receivable $4,826,000 Allowances for Doubtful Accounts $ 52,730 Bad debts are estimated to be 3% of outstanding receivables. What amount of bad debt expense will the company record? $92,050 $144,780 $143.198 $205,254 QUESTION 9 Raxon Company borrowed $27,000 from the bank signing a 8%, 9-month note on September 1, 2012. Principal and interest are payable to the bank on June 1, 2013. If the company prepares monthly financial statements, the adjusting entry that the company should make for interest on September 30, would be: debit Interest Expense, $180; credit Interest Payable, $180 debit Interest Expense, $240; credit Interest Payable, $240 debit Cash, $180; credit Interest Payable, $180 debit Note Payable, $240; credit Cash, $240 QUESTION 10 The following information was collected from the inventory records of a company for the month of March, 2009. During March the company sold 90 units of its product at $25 per unit. Date Units Unit Cost Total Cost Beginning inventory March 1 15 $10.00 $150 Purchase March 5 35 $12.00 $420 Purchase March 10 70 $14.00 $980 Purchase March 17 25 $15.00 $375 Determine cost of goods sold under FIFO for the month of March 640 1,285 1,130 795 QUESTION 11 XYZ Corporation purchased a one-year insurance policy in January 2013 for $30,000. The insurance policy is in effect from April 18, 2013 through March 31th 2014. If the company neglects to make the proper year-end adjustment on Dec 31, 2013 for the expired insurance: expense and liabilities will be understated by $22,500 for year 2013 expense and liabilities will be understated by $7,500 for year 2013 net income and assets will be overstated by $22,500 for year 2013 net income and assets will be overstated by $25,000 for year 2013 QUESTION 12 made purchases of $50,000. The ABC Company had beginning inventory of $15,000 at March 1, 2014. During the month, the com inventory at the end of the month is $16,200. What is cost of goods sold for the month of March? $48,800 $52,300 $55,000 $67,300