Expenses that are incurred directly or entirely in connection with the sale of merchandise are classified as
A) selling expenses
B) general expenses
C) other expenses
D) administrative expenses
A
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Using anthropological methods for advertising research typically includes:
A) a statistical analysis B) a sociological study C) direct observation D) secondary research
The ________ method of closing a sale attempts to bring to the table all issues of concern to the prospect but does not claim to be able to resolve the issues.
A. minor point B. probing C. alternative choice D. direct request E. benefit summary
When a firm reacquires common shares under the Constructive Retirement Method for Repurchased Shares:
a. the Treasury Stock—Common account has a debit balance and therefore reduces total shareholders' equity. b. the accountant debits the Treasury Stock—Common account for the par value of the repurchased shares, debits Additional Paid-In Capital for the difference between the original issue price of the shares and par value, and plugs Retained Earnings for any difference between the repurchase price. c. the accountant debits the Common Stock account for the par value of the repurchased shares, debits Additional Paid-In Capital for the difference between the original issue price of the shares and par value, and plugs Retained Earnings for any difference between the repurchase price. d. the Treasury Stock—Common account has a credit balance and therefore reduces total shareholders' equity. e. the accountant credits the Common Stock account for the par value of the repurchased shares, credits Additional Paid-In Capital for the difference between the original issue price of the shares and par value, and plugs Retained Earnings for any difference between the repurchase price.
Martinez owns machinery that cost $87,000 with accumulated depreciation of $40,000. The company sells the machinery for cash of $42,000. The journal entry to record the sale would include:
A. A debit to Cash of $42,000. B. A debit to Accumulated Depreciation of $47,000. C. A credit to Accumulated Depreciation of $40,000. D. A credit to Gain on Sale of $2,000. E. A credit to Machinery of $47,000.