ch 13 - Question 1(1 point Bad debts expense is correctly...

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Unformatted text preview: Question 1 (1 point) Bad debts expense is correctly recorded on the income statement as a(n) Student response: Student Response Answer Choices a. addition to sales discounts b. extraordinary expense c. reduction of revenue d. selling expense Score: 0 / 1 Question 2 (1 point) Sam returned merchandise he had purchased earlier. The store returned Sam's $75 in cash. Which of the following represents the correct entry to be made by the store in its accounting system? Student response: Student Response Score: 0 / 1 Question 3 (1 point) The Fat Brush Paint Store sold merchandise on 30-day credit in the amount of $1,500. A discount of 3% was offered if the customer would pay within 10 days. What is the minimum amount that should be recorded on the day of sale for Accounts Receivable? Student response: Student Response Score: 0 / 1 Question 4 (1 point) Consumer Enterprises (CE) sold goods on 60-day credit to one of its usual customers for the amount of $18,000. CE offered a 2% discount if the customer Consumer Enterprises (CE) sold goods on 60-day credit to one of its usual customers for the amount of $18,000....
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This note was uploaded on 04/29/2010 for the course ACCT 5031 taught by Professor Rusth during the Fall '09 term at University of Houston.

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ch 13 - Question 1(1 point Bad debts expense is correctly...

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