Rules applied by courts set up by merchants in early England are known as the law merchant.

a. true
b. false


Answer: a. true

Business

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Indicate whether the statement is true or false

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Reid Art Supply Company uses a perpetual inventory system. The company had the following transactions during August 2017:

Aug. 5: Purchased $2,900 of merchandise on account. Freight and credit terms were FOB shipping point, 3/15, n/60. Aug 9: Paid transportation costs of $440 for the Aug. 5 purchase. Aug. 10: Returned $600 of defective merchandise that had been purchased on Aug. 5. Aug. 15: Paid for the merchandise purchased on Aug. 5. Give journal entries for August 10 and 15. What will be an ideal response

Business

The Labor-Management Reporting and Disclosure Act is aimed at eliminating corruption in labor unions

a. True b. False Indicate whether the statement is true or false

Business

A tuition waiver for a student who works as a graduate assistant is treated as a reduction in revenue.

Answer the following statement true (T) or false (F)

Business