If the Johnson Company has the following opening account balances for individual debtors: $4 000, $5 000, $2 000; and cash received from debtors during the period amounted to $3 000, then the closing balance of the control account for accounts receivable is: Select one: a. $3,000. b. $8,000. c. $14,000. d. $9,000. e. $11,000 Which of these accounts is closed to the profit or loss summary account? Select one: a. Wages payable. b. Prepaid insurance, c. Owner's drawings O d. Depreciation expense. e. GST receivable. What is the effect on the financial statements if no adjustment is made for doubtful debts? Select one: a. Assets are understated and profit is understated. O b. Assets are overstated and profit is understated. O C. Assets are understated and profit is overstated. O d. Assets are overstated and profit is overstated. e. Assets are overstated and profit is correct. Gojo Company purchased inventory with an invoice price of $2,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Gojo Company pays within the discount period? Select one: a. $1,960 0 b. $1,840. 0 c. $1,800. 0 d. $1,990. e. $2,000. Gojo sells calculators. At the beginning of March, 100 calculators were on hand for which the firm had paid $25 each. Purchases and sales for the month were as follows: Date Purchases Unit Cost Sales units units March 5 120 $28 13 150 $30 25 180 If Gojo uses a LIFO cost flow assumption, March's cost of sales for the calculators is: Select one: O a. $5,340. O b. $4 500 O C. $5,160. d. $4 180. e. $5 020