After the bank reconciliation is prepared, the entry to record bank service charges would have a credit to

After the bank reconciliation is prepared, the entry to record bank service charges would have a credit to _______________.
Question 7 options:

Bank Service Charge Expense

Cash

Petty Cash

Cash Short and Over

None of the above
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Question 8 (1 point)

Malloy Company estimates uncollectible accounts using the percentage-of-receivables method and expects that 5 percent of outstanding receivables will be uncollectible for 2015. The balance in Accounts Receivable is $200,000, and the allowance account has a $3,000 credit balance before adjustment at year end. The uncollectible accounts expense for 2015 will be _______________.
Question 8 options:

$7,000

$10,000

$13,000

$9,850

None of the above
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Question 9 (1 point)

Malloy Company issued its own $10,000, 90-day, non-interest-bearing note to a bank. The only payment Malloy will ever make to the bank will be for $10,000 at the maturity date of the loan as the bank discounts the note at 10 percent. The proceeds to Malloy are _______________.
Question 9 options:

$10,000

$9,000

$9,750

$10,250

None of the above
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Question 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 life of 10 years and an estimated salvage value of $40,000. If Malloy uses the double-declining-depreciation method, the depreciation expense for 2015 is _______________.
Question 10 options:

$88,000

$72,000

$36,000

$44,000

$40,000
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Question 11 (1 point)

The result of recording a capital expenditure as a revenue expenditure is an _______________.
Question 11 options:

overstatement of current year’s expense

understatement of current year’s expense

understatement of subsequent year’s net income

overstatement of current year’s net income

None of the above
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Question 12 (1 point)

Cole Inc., a new company, purchases a two-year insurance policy for $12,000. Six months later, the correct balance in the prepaid insurance account would be _______________.
Question 12 options:

$12,000

$6,000

$9,000

None of the above
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Question 13 (1 point)

Which of the following is not an advantage of the corporate form of organization?
Question 13 options:

continuous existence of the entity

limited liability of stockholders

government regulation
bank reconciliation
easy transfer of ownership
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Question 14 (1 point)

bank reconciliation

bank reconciliation

Question 27 (1 point)