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A trial balance: Select one: a. must be prepared prior to the general ledger O b. will not balance if a correct journal entry is posted twice. O c. All of the other four responses are correct O d. proves that all journal entries were made correctly O e. is a list of a company's accounts with their balances at a specific point in time. Under the allowance method for uncollectible accounts, Select one: O a. the only acceptable method of establishing an allowance for doubtful accounts is to take a percentage of each category on the aging of accounts O b. the carrying amount of receivables is the same both before and after an account that had previously been written off is recovered. O c. the recovery of an account receivable previously written off results in a credit to the Bad Debt Expense account. O d. the carrying value of receivables is the same both before and after an account has been written off. O e. Bad Debts Expense is debited when an account is deemed uncollectible and must be written off. On February 15, a local business receives an invoice for electricity used in the month of January. Since the bill is unusually high because of its new electric heating system, the company pays 50% of the bill on March 1 and the remainder on April 2. In which month(s) should the business recognize the expense? Select one: O a. January O b. February and March O c. March O d. February O e. March and April On which section of the Classified Balance Sheet do we find Held for Trading Investments? Select one: O a. Service Revenue O b. Long Term Assets O c. Operating Liabilities O d. Current Assets O e. Current Liability

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