Business > QUESTIONS & ANSWERS > University of the PeopleBUS 1102Graded Quiz Unit 6 BUS 1102 (All)
University of the PeopleBUS 1102Graded Quiz Unit 6 BUS 1102
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Question 1CorrectMark 1.00 out of 1.00Flag question Question text An employee for Five Steps, LLC brought $3,000 of inventory on the company’s credit card. Which journal will the transac... tion be recorded in? Select one: a. Sales journal b. Purchases journal c. Cash disbursements journal Feedback The correct answer is: Purchases journal Question 2CorrectMark 1.00 out of 1.00Flag question Question text Companies are required to record bad debt on financial statements as expenses.Select one: a. True b. False Feedback The correct answer is: True Question 3CorrectMark 1.00 out of 1.00Flag question Question text Costs incurred during the life of the asset are expensed right away if they do not extend the useful life of that asset or are capitalized if they extend the asset’s useful life. Select one: [Show More]
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