Myra's company just purchased $600 worth of supplies from Office Depot. The terms for payment are 2/10 net 30. If Myra's firm pays in the next week, it will pay ___________. If Myra's company waits three weeks to pay Office Depot, it will pay _____________.
A. $600; $630
B. $588; $600
C. $540; $588
D. $540; $600
E. $588; $630
Answer: B
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In the interbank market for foreign exchange, the ____ refers to the price for which a bank is willing to sell a unit of foreign currency.
a. offer rate b. option rate c. futures rate d. bid rate
Jacks Corporation purchases $200,000 bonds plus accrued interest for 2 months of $2,000 from Kennedy Company on March 1 . The bonds have an annual interest rate of 6% payable on June 30 and December 31 . The entry to record the purchase of the bonds would include a
a. debit to Interest Receivable for $2,000 b. debit to Investment in Bonds for $202,000 c. debit to Cash for $200,000 d. credit to Interest Revenue for $2,000
What journal entry format is appropriate if sales returns and allowances occur on factored accounts?
A) Sales Returns and Allowances XXReceivable from Factor XX B) Receivable from Factor XXFactoring Expense XX C) Sales Returns and Allowances XXFactoring Expense XX D) Factoring Expense XX Sales Returns and Allowances XX
At the beginning of the year, Springfield Manufacturing had the following account balances:
The following additional details are provided for the year:
After recording all these transactions and adjusting for the over/underallocated overhead, the ending balance in the Cost of Goods Sold account is a ________.
A) debit of $437,300
B) debit of $447,300
C) credit of $447,300
D) debit of $442,300