MSI-GeneralAccounting Please enable JavaScript in your browser to complete this form.Please enable JavaScript in your browser to complete this form.Name *FirstLastEmail *Please acknowledge, this is a timed test, answer as many questions as you can.AgreeDisagree1. A company invoices a customer $10,000 on net 30 terms. What is the correct journal entry at the time of invoicing?A. Debit Cash $10,000 credit Revenue $10000B. Debit Accounts Receivable $10,000 credit Revenue $10,000C. Debit Revenue $10,000 credit Accounts Receivable $10,000D. Debit Deferred Revenue $10,000 credit Accounts Receivable $10,0002. A customer pays within terms and takes a 2% early payment discount (2/10 net 30) on a $5000 invoice. What is the discount amount?A. $50B. $100C. $500D. $10003. When recording the customer payment in Question 2 which accounts are impacted?A. Debit Cash Debit Sales Discount credit Accounts ReceivableB. Debit Accounts Receivable credit CashC. Debit Cash credit RevenueD. Debit Cash credit Sales Discount4. Which of the following best describes the purpose of the Allowance for Doubtful Accounts?A. To write off specific bad invoicesB. To comply with tax regulations onlyC. To estimate uncollectible receivables under GAAPD. To reduce revenue when customers delay payment5. A company estimates 3 of its $200,000 AR balance will be uncollectible. What adjusting entry is required?A. Debit Bad Debt Expense $6000 credit Allowance for Doubtful Accounts $6000B. Debit Allowance for Doubtful Accounts $6000 credit Accounts Receivable $6000C. Debit Revenue $6000 credit Accounts Receivable $6000D. Debit Cash $6000 credit Bad Debt Expense $60006. A vendor invoice is received on December 28 but not paid until January 15. The expense relates to December operations. Under accrual accounting when should the expense be recorded?A. January when paidB. December when incurredC. When the check clearsD. When the vendor confirms receipt7. Which of the following would increase Accounts Payable?A. Paying a vendorB. Receiving a vendor invoiceC. Writing off a payableD. Recording depreciation8. A company prepays $12,000 for 12 months of insurance. What is the correct entry at payment?A. Debit Insurance Expense $12,000 credit Cash $12,000B. Debit Prepaid Insurance $12,000 credit Cash $12,000C. Debit Cash $12,000 credit Insurance Expense 12000D. Debit Deferred Expense $12,000 credit Insurance Payable $12,000 operations. the but 9. One month later what adjusting entry is required?A. Debit Insurance Expense $1000 credit Prepaid Insurance $1000B. Debit Prepaid Insurance $1000 credit Insurance Expense $1000C. Debit Cash $1000 credit Insurance Expense $1000D. No entry required10. Which reconciliation helps detect timing differences and unauthorized transactions?A. AR Aging ReportB. Bank ReconciliationC. Fixed Asset RollforwardD. Trial BalanceSubmit