Reference no: EM133176415
Questions -
Q1. Concord Hospital installs a new parking lot. The paving cost $40700 and the lights to illuminate the new parking area cost $25500. Which of the following statements is true with respect to these additions?
$25500 should be debited to Land Improvements.
$40700 should be debited to the Land account.
$66200 should be debited to the Land account.
$66200 should be debited to Land Improvements.
Q2. Sheridan Company purchases a new delivery truck for $54400. The sales taxes are $4100. The logo of the company is painted on the side of the truck for $1900. The truck license is $170. The truck undergoes safety testing for $320. What does Sheridan record as the cost of the new truck?
$60720
$60890
$60400
$58500
Q3. When the allowance method is used to account for uncollectible accounts, Bad Debt Expense is debited when
management estimates the amount of uncollectibles.
a sale is made.
a customer's account becomes past-due.
an account becomes bad and is written off.
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