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AFTER THE BANK RECONCILIATION IS PREPARED, THE ENTRY TO RECORD...

AFTER THE BANK RECONCILIATION IS PREPARED, THE ENTRY TO RECORD...

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Question 7 (1 point)After the bank reconciliation is prepared, the entry to record bank service charges would have a credit to_______________.Question 7 options:Bank Service Charge ExpenseCashPetty CashCash Short and OverNone of the aboveSaveQuestion 8 (1 point)Malloy Company estimates uncollectible accounts using the percentage-of-receivables method andexpects that 5 percent of outstanding receivables will be uncollectible for 2015. The balance in AccountsReceivable is $200,000, and the allowance account has a $3,000 credit balance before adjustment atyear end. The uncollectible accounts expense for 2015 will be _______________.Question 8 options:$7,000$10,000$13,000$9,850None of the aboveSaveQuestion 9 (1 point)Malloy Company issued its own $10,000, 90-day, non-interest-bearing note to a bank. The only paymentMalloy will ever make to the bank will be for $10,000 at the maturity date of the loan as the bankdiscounts the note at 10 percent. The proceeds to Malloy are _______________.Question 9 options:$10,000$9,000$9,750$10,250None of the aboveSaveQuestion 10 (1 point)Malloy company uses a calendar year. On 2015 July 1, Malloy Company purchased equipment for$400,000, and installation and testing costs totaled $40,000. The equipment has an estimated useful lifeof 10 years and an estimated salvage value of $40,000. If Malloy uses the double-declining-depreciationmethod, the depreciation expense for 2015 is _______________.Question 10 options:$88,000$72,000$36,000$44,000$40,000SaveQuestion 11 (1 point)The result of recording a capital expenditure as a revenue expenditure is an _______________.Question 11 options:overstatement of current year's expenseunderstatement of current year's expenseunderstatement of subsequent year's net incomeoverstatement of current year's net incomeNone of the aboveSaveQuestion 12 (1 point)Cole Inc., a new company, purchases a two-year insurance policy for $12,000. Six months later, thecorrect balance in the prepaid insurance account would be _______________.Question 12 options:$12,000$6,000$9,000None of the aboveSave

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