Information about cash disbursements can be obtained from check stubs and carbon copies of checks.
Answer the following statement true (T) or false (F)
True
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People are more likely to notice stimuli whose deviations are large in relation to the normal size of the stimuli
Indicate whether the statement is true or false
An example of a transposition is
A) presenting the cash account at $1,500 instead of $15,000. B) presenting prepaid insurance at $920 instead of $290. C) incorrectly posting a credit amount as a debit amount in the general ledger. D) not journalizing a sales transaction at all.
A live theatre performance cannot be touched like a physical object, but is still considered a product. To a marketer, this is an example of a(n) ________.
A. value B. production C. service D. utility E. idea
Vincent Company purchased merchandise from Liu Company with an invoice price of $300,000 and credit terms of 2/10, n/30. Liu Company's cost for the merchandise was $200,000. Vincent Company paid within the discount period. Assume that both buyer and seller use a perpetual inventory system and the gross method of recording invoices.1. Prepare entries that Vincent should record for (a) the purchase and (b) the cash payment.2. Prepare entries that Liu should record for (a) the sale and (b) the cash collection.3. Assume that the buyer borrowed enough cash to pay the balance on the last day of the discount period at an annual interest rate of 9% and paid it back on the last day of the credit period. Compute how much the buyer saved by following this strategy. (Assume a 365-day year and round
dollar amounts to the nearest cent.) What will be an ideal response?