Question 1 1 pts When a customer of Relax Spa uses a previously purchased gift card to pay for spa services received today, the entry is: DR Unearned revenue, CR Revenue DR Cash, CR Accounts receivable DR Revenue, CR Unearned revenue DR Accounts receivable, CR Revenue Question 2 1 pts Which of the following is NOT a characteristic of a liability? The event giving rise to the liability has alreaady occurred. There is little discretion to avoid the obligation. There is a probable future sacrifice of resources. There is a fixed payment amount and payment date. Question 3 1 pts Banks often ask for collateral when a company borrows money. Which of the following statements about collateral is NOT true? If a company offers more collateral to the bank it may be able to negotiate a lower interest rate. The company's goodwill on the balance sheet can be used as collateral. None of the other answers is correct - all of the statements are true. The company's inventory on the balance sheet can be used as collateral. Question 4 1 pts At December 31st, 2015, a company has an outstanding mortgage balance of $600,000 owing to the bank. On June 30th each year, the company pays $100,000 of principal on the mortgage. What is the current amount owing on the mortgage at December 31, 2016? $500,000 None of the other answers is correct. $100,000 $50,000 Question 9 1 pts Which of the following is NOT a way that a corporation would usually finance a current and temporary cash shortage? None of the other answers is correct - they are all ways that a corporation would finance a temporary cash shortage. A short-term loan. A line of credit. A mortgage. Question 10 1 pts The average age (in years) of long-term assets can be estimated by dividing the Total Accumulated Depreciation by net income. depreciation expense. long-term assets. cost of goods sold expense