QUESTION5 On October 1, 2009, Marcus Corporation purchased $20,000 of 6% bonds of Roberts Corporation, due in 8 1 /4 years. The bonds were purchased at a price of $17,561 plus interest of $300 accrued from July 1, 2009, the date of the last semi-annual interest payments. Journalizing the purchase of the bonds plus interest would include a debit to cash of $17,861 nTrue False QUESTION6 Allowance for Doubtful Accounts has a credit balance of $500 at the end of the year (before adjustment), and uncollectible accounts expense is estimated at 3% of net sales. If net sales are $600,000, the amount of the adjusting entry to record the provision for doubtful accounts is O$18,500 O$17,500 $18,000 Onone of the above. QUESTION7 A current ratio of 2.5 would indicate the company has enough current assets to pay off it current debt. True