The following information is taken from Reagan Company's December 31 balance sheet: If net sales for the current year were $609,500, the firm's days' sales uncollected for the year is: Vote: Use 365 days a year. cacen The main purpose of adjusting entries is to: Multiple Choice Recognize transactions and events that are not yet recorded. Recognize assets purchased during the period. Correct errors in the accounting records. Record external transactions and events. Recognize debts paid during the period. The recurring uteps performed each reporting period in preparing financial statoments, starting with analyzing and recording transactions in the journal and continuing through tho post-closing trial batance, is referred to as the: Muatiple Choice Accounting cycle. Natural business year: Operating cycle. Closing cycle. Accounting period. Two clerks sharing the same cash register is a violation of which internal control principle? Multiple Choice Establish responsibilities. Insure assets. Apply technological controls. Bond key employees. Maintain adequate records. Retained eqarnings in the procoss of closing the Income Summarwac-munt? (Assume all occounts have normat balances) Multiple Chaice $21,070 deblt. $21,070 credit. $22,750 credit