Which of the following is NOT one of the five primary components of internal control? O a. a. Size of the business O b. Control activities O c. Control environment O d. Risk assessment Which of the following is a contra revenue account that normally has a debit balance? a O a. a. Sales Returns and Allowances O b. Sales Oc. Cost of goods sold O d. Freight out ABC Company purchased merchandise for $560 on July 12 whose terms were 1/10, n30. FOB shipping point. On July 12, shipping costs of $50 was paid by the company. On July 17 the company returned $80 of merchandise. On July 21 the company the amount owing. What is the ending balance in the merchandise inventory account relating to these transactions, if ABC Company uses a perpetual inventory system? (d) O a. $525.2 O b. $524.70 O c. $520 O d. $480 ABC Company borrows $497,000 from the bank at 7% for a three year period on Jan. 01. The loan will be repaid in three blended, Principal and interest, annual payments of $189,383 that are due at the end of each year. What is the amount of interest expense that should be recognized by the company in the second year? O a. $23,193 O b. $23,968 O c. $17,395 O d. $34,790 A trial balance will not balance if: O a. A $50 cash dividend is debited to dividends for $500 and credited to cash for $50 O b. The purchase of supplies on account is debited to supplies and credited to cash O c. A $250 payment on account is debited to accounts payable for $25 and credited to cash for $25 O d. A journal entry to record a cash sale is posted twice