The assets of a company represent:
A. Resources that will be used to benefit the company.
B. Investments by stockholders.
C. Amounts owed to creditors.
D. Sales of goods or services to customers.
Answer: A
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Answer the following statement true (T) or false (F)
To the seller, cash discounts are considered sales discounts
Indicate whether the statement is true or false
Experts have power even when their formal position in the organizational hierarchy is low.
Answer the following statement true (T) or false (F)
On September 12, Ryan Company sold merchandise in the amount of $5,800 to Johnson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Ryan uses the periodic inventory system and the net method of accounting for sales. The journal entry or entries that Ryan will make on September 12 is (are):
A.
| Accounts receivable | 5,800 | |
| Sales | 5,800 | |
| Cost of Goods Sold | 4,000 | |
| Merchandise inventory | 4,000 |
B.
| Accounts receivable | 5,684 | |
| Sales | 5,684 | |
| Cost of goods sold | 4,000 | |
| Merchandise Inventory | 4,000 |
C.
| Sales | 5,800 | |
| Accounts receivable | 5,800 |
D.
| Accounts receivable | 5,800 | |
| Sales | 5,800 |
E.
| Accounts receivable | 5,684 | |
| Sales | 5,684 |