QUESTION 1 Comet Company received a one-year, $12,000, 9% note from ABC Corporation on April 1, 2010. The fiscal period ends on Dec 31, 2010. The journal entry recorded by Comet Company on Dec 31, 2010 will include a: Credit to Interest Revenue for $810 Debit to Cash for $12,000 Debit to Note Receivable for $13,080 Credit to Interest Revenue for $1,080 QUESTION 2 3 pc 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 20 $10.00 $200 Purchase March 5 35 $12.00 $420 Purchase March 10 70 $13.00 $910 Purchase March 17 25 $15.00 $375 Determine ending Inventory for the month of March using average cost method (round answer to the nearest Integer) 762 200 10 12 QUESTION 30 The direct write-off method of accounting for uncollectible accounts emphasizes balance sheet relationships is not generally accepted as a basis for estimating bad debts emphasizes cash realizable value emphasizes the matching of expenses with revenues QUESTION 3 The following is selected information from L Corporation for the fiscal year ending October 31, 2014 Cash received from customers $300,000 Revenue earned 580,000 Cash paid for expenses 170,000 Cash paid for computers on November 1, 2013 that will be used for 3 years 48,000 Expenses incurred including any depreciation 309,000 Proceeds from a bank loan, part of which was used to pay for the computers 200,000 Based on the accrual basis of accounting, what is L Corporation's net income for tho year ending October 31, 2014? $330,000 $130,000 $271.000 $282,000