Multiple Choice Identify the choice that best completes the statement or answers he question. 1. h heck drawn by a comnpany for $270 in pyment of a liabiliy was recorded in the journal as $720. What entry is required in the company's accounts? debit Accounts Receivable; credit Cash a. debit Cash; credit Accounts Receivable debit Accounts Payable; credit Cash b. c. d. debit Cash; credit Accounts Payable 2. Dorman Co. sold merchandise to Smith Co. on account, $18,000, terms 2/15, net 45. The cost of the merchandise sold is $15,500. Dorman Co. issued a credit memo for $1,750 for merchandise that was What is amount of net sa returned to Dorman. The Smith Co. paid the invoice within the discount period. from the above transactions? a. $13,818 b. $14,100 c. $16,250 d. $15,925 After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balanc What is the net realizable val 3. $460,000 and Allowance for Doubtful Accounts has a balance of $30,000. the accounts receivable? a. $490,000 b. $430,000 c. $30,000 d. $460,000 4. Derek Company gathered the following reconciling information in preparing its September bank reconciliation Cash balance per books, 9/30 Deposits in transit Notes receivable and interest collected by bank Bank charge for check printing Outstanding checks NSF check $2,750 200 630 30 1,250 190 The adjusted cash balance per books on September 30 is a. $3,160. b. $5,050. c. $1,910 d. $2,110