In a transfer without recourse the transferor retains the risk of ownership and bears any loss from nonpayment
Indicate whether the statement is true or false
False
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Mullis Company sold merchandise on account to a customer for $625, terms n/30. The journal entry to record the collection on account would be:
A. Debit Cash of $625 and credit Sales $625. B. Debit Cash of $625 and credit Accounts Receivable $625. C. Debit Accounts Receivable $625 and credit Sales $625. D. Debit Sales $625 and credit Accounts Receivable $625. E. Debit Accounts Receivable $625 and credit Cash $625.
A price elasticity of -2 means that a price reduction of one percent will result in ________
A) a decrease in volume by 2% B) a decrease in volume by 20% C) an increase in volume by 2% D) an increase in market share by 20% E) a decrease in market share by 2%
Explain the role that the GL plays in reducing the risk of inaccurately recording transactions in journals and ledgers
Assume that the $2,000, 90-day, 8 percent note was received on August 31 and that the fiscal year ended on September 30. The adjusting entry that would be made to record the interest receivable is (amounts rounded to nearest dollar):
A) Interest Receivable 13 Interest Income 13 B) Notes Receivable 13 Interest Income 13 C) Accounts Receivable 39 Cash 39 D) Interest Income 39 Accounts Receivable 39