Please Someone help me! Please look/Answer all Questions :) Thanks a TON :)

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1.Freightin is:

A. a Cost of Purchasing Goods.

B. recorded as an Operating Expense.

C. a Selling Expense.

D. a Cost of Selling Goods.

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2.A classified balance sheet provides more information about the company to:

A. creditors.

B. owners.

C. suppliers.

D. All of the above answers are correct.

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3.The entry to adjust salaries was done twice. This error would cause:

A. assets to be overstated.

B. liabilities to be overstated.

C. revenue to be understated.

D. assets to be understated.

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4. Plant, Property and Equipment is usually listed:

A. by how long they will last.

B. in order of liquidity.

C. lowest to highest dollar values.

D. in alphabetical order.

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5.The adjusting entry to record Service income that is earned would involve a debit to Service Income and a credit to Unearned Service Revenue.

True

False

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6.The average time it takes to buy and sell merchandise and collect Accounts Receivable is the sales cycle for a business.

True

False

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7.In the process of closing entries, the Income Summary account is closed to the Capital account before Withdrawals.

True

False

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8.Reversing entries are done when assets or liabilities are increasing and have no previous balance.

True

False

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