A virtual information system works on the same principles and has the same structure as the workings and the environment in which humans live
Indicate whether the statement is true or false
FALSE
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On March 12, Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,500. Klein uses the perpetual inventory system and the gross method of accounting for sales. On March 15, Babson returns some of the merchandise. The selling price of the merchandise is $600 and the cost of the merchandise returned is $350. Babson pays the invoice on March 20, and takes the appropriate discount. The journal entry that Klein makes on March 20 is:
A.
| Cash | 4,500 | |
| Accounts receivable | 4,500 |
B.
| Cash | 7,644 | |
| Sales discounts | 156 | |
| Accounts receivable | 7,800 |
C.
| Cash | 7,056 | |
| Accounts receivable | 7,056 |
D.
| Cash | 7,056 | |
| Sales discounts | 144 | |
| Accounts receivable | 7,200 |
E.
| Cash | 7,800 | |
| Accounts receivable | 7,800 |
Data warehouses struggle with combining too much standardized information.
Answer the following statement true (T) or false (F)
Which of the following statements applies to the COGSA?
a. It governs the liability of carriers in both domestic and foreign trade. b. It governs the liability of carriers from the time cargo is loaded onto the ship until the time it is unloaded. c. It governs the liability of shippers until the goods are loaded onto the ship. d. All of the above
Taxpayers that sell merchandise to their customers must use the accrual method to account for purchases and sales of merchandise.
Answer the following statement true (T) or false (F)