The Merchandise Inventory account is an asset account that is used only for goods purchased that the business owns and intends to resell to customers

National Art is a new business

During its first year of operations, credit sales were $50,000 and collections were credit sales of $32,000. One account, $625 was written off. Management uses the percent-of-sales method to account for bad debts expense and estimates 2% of credit sales to be uncollectible. The ending balance of Allowance for Bad Debts account is ________. A) $375 B) $1,000 C) $348 D) $1,628

In a Homeowners policy, wall-to-wall carpeting would be covered under which section of the policy?

A) Coverage A - Dwelling B) Coverage B - Other Structures C) Coverage C-Personal Property D) Coverage D - Loss of Use