25. LeAnn wishes to know how much she should set aside now at 7% interest in order to accumulate … Assignment Help

  

25. LeAnn wishes to know how much she should set aside now at 7% interest in order to accumulate a sum of S5,000 in four years. She should use atable for the: A) Present value of 1. B) Future value of 1. C) Present value of an ordinary annuity of 1. D) Future value of an annuity due of 1. Either A or B would work. 26. In a periodic inventory system, the cost of inventories sold is: A) Debited to accounts receivable. B) Credited to cost of goods sold. C) Debited to cost of goods sold. D) Debited to Accounts Receivable and credited to Sales. 27. Reba wishes to know how much would be in her savings account if she deposits a given sum in an account and leaves it there at 6% interest for five years. She should use a table A) Future value of an ordinary annuity of 1. B) Present value of 1. C Future value of an annuity due of D) Present value of an annuity due of E) None of these. 28. The following information is available for Murphy Company: Allowance for doubtful accounts at December 31, 2009 8,000 Credit sales during 2010 400.000 Accounts receivable deemed worthless and written off during 9,000 2010 As a result of a review and aging of accounts receivable in early January 2011, however, it has been determined that an allowance for doubtful accounts of S5,500 is needed at December 31, 2010. What amount should Murphy record as “bad debt expense” for the year ended December 31, 2010? A) 54,500 B) 55,500 C) $6,500 D) S13,500 E) None of the above. 29, AG Inc. made a S10,000 sale on account with the following terms: 2/10,n/30. lf the company uses the net to record sales made on credit, what islare the debit(s) in the journal entry to record the sale? A) Debit Accounts Receivable for S9,800. B) Debit Accounts Receivable for s9,800 and Sales Discounts for s200. Debit Accounts Receivable for s10,000. E) None of the above.

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