Squidly Products sold and delivered modems to Detail Solutions for $6,600 to be paid by Detail Solutions in three equal installments over the next three months. The journal entry made by Squidly to record this transaction will include:
a. A credit to Cash for $6,600.
b. A debit to Accounts Receivable for $6,600.
c. A debit to Accounts Receivable for $2,200.
d. A debit to Sales Revenue for $6,600.
b
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The duality associations between the events in the generic conversion UML class diagram illustrate which of the following?
A. The participation of both supervisors and employees in the conversion process. B. The need for multiple raw materials to be included in the conversion process. C. The looping approach required for conversion processes that include multiple batches. D. The capture of actual material and labor costs for comparison with the original plan.
When the accounting period ends before U.S. Treasury bills are scheduled to mature, the investor's adjusting entry would include a
A) debit to Short-Term Investments. B) credit to Cash. C) debit to Interest Income. D) credit to Short-Term Investments.
A college uses advisors who work with all students in all divisions of the college. The most useful allocation basis for the salaries of these employees would likely be:
A. number of students advised from each division. B. number of classes offered in each division. C. relative salaries of division heads. D. student graduation rate. E. square footage of each division.
Many traditional costing systems:
A. write off manufacturing overhead as an expense of the current period. B. use a host of different cost drivers (e.g., number of production setups, inspection hours, orders processed) to improve the accuracy of product costing. C. combine widely varying elements of overhead into a single cost pool. D. produce results far superior to those achieved with activity-based costing. E. trace manufacturing overhead to individual activities and require the development of numerous activity-costing rates.