C$.$ $$5,500$

D$.$ $$4,980$

$30.$ In preparing the April bank reconciliation for G$2-$Net Company, it was discovered that on April $10$ a check was written to pay delivery expense of $$45$ but the check was erroneously recorded as $$54$ in the company's books. The journal entry required to correct the error is A$.$

B$.$

C$.$

D$.$

$31.$ In a bank reconciliation, a customer's NSF check included with the bank statement is:

A$.$ deducted from the bank's cash balance to get the true cash balance.

B$.$ added to the bank's cash balance to get the true cash balance.

C$.$ deducted from the company's cash balance to get the true cash balance.

D$.$ added to the company's cash balance to get the true cash balance.

$32.$ In a period of rising prices, which inventory costing method will produce an amount for cost of goods sold that is closest to current market value $?$

A$.$ Weighted average.

B$.$ Specific identification.

C$.$ FIFO.

D$.$ LIFO.

$33.$ When prices are falling:

A$.$ LIFO will result in lower income and a lower inventory valuation than will FIFO.

B$.$ LIFO will result in lower income and a higher inventory valuation than will FIFO.

C$.$ LIFO will result in higher income and a lower inventory valuation than will FIFO.

D$.$ LIFO will result in higher income and a higher inventory valuation than will FIFO.

$34.$ Hall Company purchased two identical inventory items. The item purchased first cost $$12\mathrm{.}00.$ The item purchased second cost $$15\mathrm{.}00.$ Hall sold one of the inventory items for $$20\mathrm{.}00.$ Based on this information:

A$.$ the amount of ending inventory is $$12\mathrm{.}00$ if Hall uses the LIFO cost flow method.

B$.$ the amount of gross margin is $$5\mathrm{.}00$ if Hall uses the weighted average cost flow method.

C$.$ the amount of cost of goods sold is $$12\mathrm{.}00$ if Hall uses the weighted average cost flow method.

D$.$ the amount of gross margin is $$5\mathrm{.}00$ if Hall uses the FIFO cost flow method.

$35.$ Which of the following accounts normally has a debit balance?

A$.$ Accounts Payable

B$.$ Accumulated Depreciation

C$.$ Prepaid Insurance

D$.$ Common Stock