Avery, Inc. uses the periodic inventory system. On February 1, the corporation purchased inventory on account for $25,000. The terms of invoice were 3/10, n/30. The amount due was paid on February 9
Which of the following journal entries correctly records the payment in the books of Avery, Inc.?
A)
Accounts Payable 25,000
Purchase Discounts 750
Cash 24,250
B)
Accounts Payable 25,000
Cash 25,000
C)
Accounts Payable 25,000
Purchases 25,000
D)
Accounts Payable 25,000
Merchandise Inventory 750
Cash 24,250
A
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a. a dinner that establishes social relations. b. focusing first on the task then turning to social relations. c. avoiding all business-related discussions. d. avoiding attempts to foster social relations.
Placing the main idea first or last in a sentence is a good way to emphasize the idea
Indicate whether the statement is true or false
Which of the following does NOT correctly pair the terminology used in the earned value management (EVM) method with its description?
a. planned value: a cost estimate of the resources used across the project’s life cycle b. earned value: the value of the work actually performed to date c. actual cost of the work performed: the cumulative total cost of completing the project’s work packages d. budgeted cost at completion: the total budget for a project at its completion
Which of the following statements is TRUE?
A) A term of fitness for general use can be excluded by agreement of the parties. B) A term of fitness for a particular use can be excluded by agreement of the parties. C) A term that goods sold by description correspond with their description can be excluded by agreement of the parties. D) Both A and B E) All of the above