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1.An aging of a company's accounts receivable indicates that $13.000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1.200 credit balance, the adjustment to record bad debts for the period will require a a. debit to Bad Debt Expense for $13,000. b. debit to Allowance for Doubtful Accounts for $11,800. c. debit to Bad Debt Expense for $11,800. d. credit to Allowance for Doubtful Accounts for $13,000. 2.Cost of goods sold is determined only at the end of the accounting period in a. a perpetual inventory system. b. a periodic inventory system. c. both a perpetual and a periodic inventory system. balanderiodie inventory system d. neither a perpetual nor a periodic inventory system. 3. Under a perpetual inventory system, acquisition of merchandise for resale is debited to the a. Inventory account. b. Purchases account. c. Supplies account. d. Cost of Goods Sold account. Cosmos Company on July 15 sells merchandise on account to Cajon Co. for $6,000, terms 2/10,n/30. On July 20 Cajon Co. returns merchandise worth $1,000 to Cosmos Company. On July 24 payment is received from Cajon Co. for the balance due. What is the amount of cash received? a $4,800 b. $4,900 c. $5,000 d. $6,000 5. The collection of a $6,000 account within the 3 percent discount period will result in a a. debit to Sales Discounts for $180. b. debit to Accounts Receivable for $5,820. c. credit to Cash for $5,820. d. credit to Accounts Receivable for $5,820. 6.During 2020, Wu Han Co. generated revenues of $95,000. The company's expenses were as follows: cost of goods sold of $47,000, operating expenses of $16,000 and a loss on the sale of equipment of $5,000. Wu Han's net income is a. $27,000 b. $32,000 c. $48,000. d. $95,000

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