Correct 500 points out of 500 the following

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Question 29Correct5.00 points outof 5.00[The following information applies to the questions displayed below.]Washington Warehouse is a small retail business that specializes in the sale of top-of-the-line televisions. This year, the store has begun to carry the Flat TVmanufactured by Bass Co. Thus far, Washington has recorded the followingtransactions involving the Flat TV:Jan.5Purchased 8 Flat TVs at a unit cost of $1,400Jan.18Purchased 5 additional Flat TVs at $1,400 eachFeb.12Sold 9 Flat TVs to the Duke Hotel for $15,300If Washington uses a perpetual inventory system, the gross pro¡t on the Flat TVsas of February 12th is:Select one:a. $11,200.b. $2,700. c. $4,100.d. $15,300.The correct answer is: $2,700.
9/25/2018Cumulative Graded Midterm Exam20/27Question 30Correct5.00 points outof 5.00The Cash account in the ledger of Hensley, Inc. showed a balance of $3,100 atJune 30. The bank statement, however, showed a balance of $3,900 at the samedate. The only reconciling items consisted of a $700 deposit in transit, a bankservice charge of $7, and a large number of outstanding checks.What is the total amount of the outstanding checks at June 30?Question 31Correct5.00 points outof 5.00[The following information applies to the questions displayed below.]The Cash account in the ledger of Hensley, Inc. showed a balance of $3,100 atJune 30. The bank statement, however, showed a balance of $3,900 at the samedate. The only reconciling items consisted of a $700 deposit in transit, a bankservice charge of $7, and a large number of outstanding checks.What is the total amount of the outstanding checks at June 30?
In regard to the accounts receivable turnover rate:
9/25/2018Cumulative Graded Midterm Exam21/27Question 32Correctoff is collected:5.00 points outof 5.00Question 33Incorrect0.00 points outof 5.00On November 1, 2017, Salem Corporation sold land priced at $900,000 in exchangefor a 6%, six-month note receivable.Assuming the maker of the note defaults on May 1, 2018, Salem will record on thisdate:Under the allowance method, when a receivable that had been previously writtenoff is collected:
[The following information applies to the questions displayed below.]On November 1, 2017, Salem Corporation sold land priced at $900,000 in exchangefor a 6%, six-month note receivable.Assuming the maker of the note defaults on May 1, 2018, Salem will record on thisdate:Select one:a. An accounts receivable of $900,000 from the maker of the note.b. An accounts receivable in the amount of $900,000, as well as interestexpense of $27,000.c. An accounts receivable in the amount of $927,000, as well as interestrevenue of $ 18,000.d. An accounts receivable in the amount of $900,000, as well as interestrevenue of $ 18,000. The correct answer is: An accounts receivable in the amount of $927,000, as wellas interest revenue of $ 18,000.
9/25/2018Cumulative Graded Midterm Exam22/27

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