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The second entry that I record for a sale in a merchandising company is to record the cost of the sale.  In this entry, what account do I debit? What account do I credit?  Answer the questions in the order that it was asked.  Debit in the first blank, credit in the second blank.  

In using the “Balance Sheet Aging of Accounts Receivables Method” for bad debt allowance, the uncollectable percentage amount applied to aged receivables goes up or down with the age of the receivable. 

The answer to the credit side of the last question is an account which is shown in the Asset Section of the balance sheet but is classified as a ____________ account.  

The entry to record an estimate of bad debt consists of entries to the following accounts:  debit ______________ and credit _______________.

If I am using the FIFO inventory method and I have 2 lots of 10 items each in my inventory with the first lot of 10 costing me $10 each and the second lot of 10 costing me $12 each.   What is the total amount of my COGS when I sell someone 14 items.  

What is the term for the intangible asset that is booked when a company is purchased for an amount that exceeds the value of the net assets of the company.  

Which of the following is NOT true regarding bad debts?

The book value of an asset is the original cost less __________ _____________

Assets that are expected to be used for a period exceeding _____________ are classified as long-term assets.  

Who said “The unexamined life is not worth living”?