Tradingsecuritiespurchasedin2016for$90,000werevaluedat$92,000onDecember31,2016.AtDecember31,2017thesecuritieshadafairvalueof$95,000.ThejournalentryonDecember31,2017wouldincludea:
A. debittotheinvestmentaccountfor$5,000
B. debittotheinvestmentaccountfor$3,000
C. credittotheunrealizedgainaccountfor$5,000
D. debittotheunrealizedlossaccountfor$3,000
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Thebiggestriskofsellingoncreditis:
A. theriskofpostingapaymenttothewrongsubsidiaryaccount
B. theriskofnotcollectingsomeofthereceivables
C. theriskoflosingasale
D. noneoftheabove
Undertheallowancemethod:
A. thecompanyrecordstheuncollectible-accountexpensewhenthecustomerdoesnotpay
B. theallowanceforuncollectibleaccountsisacontraaccounttogrossrevenue
C. theallowanceforuncollectibleaccountswillnormallyhaveadebitbalance
D. thecompanysetsupanallowanceforuncollectibleaccountstoestimatetheamountofthereceivablesthecompanydoesnotexpecttocollect.
Allowanceforuncollectibleaccountsisclassifiedas:
A. acontra-expenseaccount
B. acontra-revenueaccount
C. acontra-assetaccount
D. noneoftheabove
Thepurposeofowningtradingsecuritiesisto:
A. increasecashreserves
B. holdtheinvestmentforatleastoneyear
C. selltheinvestmentformorethanitscost
D. selltheinvestmenttodecreasenetincome
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