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Exercise 4 (20 points, 2.5 points each) MCQ 1 A trial balance before adjustments included the following: Sales Sales returns and allowance Accounts receivable Allowance for doubtful accounts Debit Credit 645,000 21,500 58,900 910 If the estimate of uncollectibles is made by taking 12% of gross account receivables, the amount of the adjustment is a. 6,158. b. 7,068. c. 6,958.8 d. 7,028. MCQ2 AS Inc. made a 36,000 sale on account with the following terms: 2/15, n/30. If the company uses the net method to record sales made on credit, how much should be recorded as sales revenue? a. 34,560 b. 35,280 Copa 36;920 American College of the Middle East, 2020, MCQ 3 Which of the following is not considered cash for financial reporting purposes? a Petty cash funds and change funds b. Dividends receivable c. Coin, currency, and available funds d. Money orders, certified checks, and personal checks MCQ4 Travel advances should be reported as a. supplies. b. cash because they represent the equivalent of money. c. investments. d. None of these answer choices are correct. MCQ 5 What is the normal journal entry when writing-off an account as uncollectible under the allowance method? a. Debit Allowance for Doubtful Accounts, credit Accounts Receivable b. Debit Allowance for Doubtful Accounts, credit Bad Debt Expense c. Debit Bad Debt Expense, credit Allowance for Doubtful Accounts d. Debit Accounts Receivable, credit Allowance for Doubtful Accounts Copyright American College of the Middle East, 2020 2