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Which of the following defines a contra account? An asset that is not recorded on the balance sheet There is no difference between a contra asset and a regular asset An asset account with a negative balance (decreases total assets) An asset account with a positive balance increases total assets) Which of the following is correct regarding the term 'FOB Destination? The seller transfers ownership at the shipping point The buyer of the merchandise pays the shipping costs The buyer assumes ownership at the shipping point The seller of the merchandise is responsible for transportation costs Which of the following shows the correct transaction flow when a company estimates their uncollectible accounts? Increase Expense; Increase Allowance Decrease Allowance; Decrease Expense Increase Accounts Receivable; Increase Allowance Decrease Allowance; Decrease Accounts Receivable Which of the following credit terms would tell a customer that they could take a two percent discount if the invoice is paid by the fifteenth day following the date of sale? 2/10,n/45 2/15, n/45 2/45,n/15 15/2.n/15 Molly's Magazines had initially made a sale on account in the amount of $30,000 on July 10 with terms of 1/10, 1/30. Using the horizontal model, record the journal entry to show the customer's payment made on July 15th. Assume that no previous payments were received. Cash $30,000; Sales Discounts - $(300): Accounts Receivable - $(30,000) Cash = $30,000; Sales Discounts = $(300); Accounts Receivable = $(29.700) Cash = $30,000; Accounts Receivable - $(30,000) Cash = $29,700; Sales Discounts = $(300): Accounts Receivable = $130,000)