Owens Jewelers uses the perpetual inventory system. On April 2, Owens sold merchandise with a cost of $2,500 for $7,000 to a customer on account with terms of 2/15, n/30. Which of the following journal entries correctly records the sales revenue?
A)
Sales Revenue 7,000
Accounts Receivable 7,000
B)
Sales Revenue 7,000
Cost of Goods Sold 7,000
C)
Accounts Receivable 2,500
Sales Revenue 2,500
D)
Accounts Receivable 7,000
Sales Revenue 7,000
D
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Which of the following statements supports the sales driven approach to the marketplace?
A) Profit maximization is the ultimate motive of a business. B) A superior product can drive the sales in a company. C) Market capitalization is the ultimate motive of a business. D) Sales and profit maximization are dependent on customer value.
Which statement(s) concerning cash is (are) true?
A) cash will always have more debits than credits B) cash will never have a credit balance C) cash is increased by debiting D) all of the above
Which of the following is NOT a standard guide word for a memo?
A. to B. from C. topic D. date
Economic risk is an unsystematic risk that can be diversified by the investors.
Answer the following statement true (T) or false (F)