Use the five transactions for Hennigan Company described below to answer the question(s) that follow(s). Dec 1 Hennigan purchases two new saws on credit at $375 each. The saws are added to Hennigan's rental inventory. Payment is due in 30 days. 8 Hennigan accepts advance deposits for tool Company of $75. 15 Hennigan receives a bill from Farmer's Electric Company for $150 . Payment is due in 30
days. 20 Customers are charged $750 by Hennigan for tool Company. Payment is due from the customers in 30 days. 31 Hennigan receives $500 in payments from the customers that were billed for Company on December 20. Refer to the transactions for Hennigan Rentals. Based on the October 31 transaction, Hennigan will record which of the following in its accounting records?
a. a credit in Accounts Payable for $500.
b. a credit in Accounts Receivable for $500.
c. a debit in Accounts Payable for $500.
d. a debit in Accounts Receivable for $500.
b
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The variance can never be
A. the same as the standard deviation. B. larger than the standard deviation. C. negative. D. smaller than the standard deviation.
Which of the following is a rare situation that may arise in a privately owned company that wants to decrease the amount of income taxes paid to the government?
a. Understating purchases b. Overstating net income c. Understating inventory d. Understating cost of good sold
When considering ________, accumulated evidence from several investigations increases our confidence that a causal relationship exists
A) the time order of occurrence of variables B) the role of evidence C) concomitant variation D) the elimination of other possible factors
The American phrase, “There is no I in TEAM,” is a reflection of ______.
a. individualism b. collectivism c. universalism d. dualism Ans: B