In the entrepreneurial strategy matrix, the probability of a major financial loss is categorized as a(n)
a. innovation.
b. risk.
c. time lag.
d. psychological commitment.
ANSWER: b
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On September 12, Ryan Company sold merchandise in the amount of $6800 to Johnson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4500. Ryan uses the periodic inventory system and the net method of accounting for sales. On September 14, Johnson returns some of the merchandise. The selling price of the merchandise is $600 and the cost of the merchandise returned is $400. Johnson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Ryan makes on September 18 is:
A.
| Cash | 6800? | |
| Accounts receivable | 6800? |
B.
| Cash | 6076? | |
| Sales discounts | 124? | |
| Accounts receivable | 6200? |
C.
| Cash | 6076? | |
| Accounts receivable | 6076? |
D.
| Cash | 6664? | |
| Sales discounts | 136? | |
| Accounts receivable | 6800? |
E.
| Cash | 6664? | |
| Accounts receivable | 6664? |
A sole proprietor does not own the entire business
Indicate whether the statement is true or false
On May 1, 2010, Cynthia Hendrix bought her home and First Bank recorded its mortgage. On June 24, 2012, Cynthia sold her home to Stanton Gulbrandsen for $250,000. At that time, Cynthia's mortgage was $225,000. Stanton assumed Cynthia's mortgage and gave Second Bank a second mortgage for $225,000. Second Bank did not record its mortgage. On October 12, 2014, Stanton sold the home to Derek Bolger
for $275,000. Bolger took the property subject to the previous mortgages and executed a $275,000 mortgage to Third Bank. Third Bank recorded its mortgage on October 18, 2014. Third Bank knew of the Second Bank mortgage. ?Following the sale of the property at foreclosure, whose liability is discharged on the First Bank mortgage? A)?Cynthia B)?Stanton C)?Derek D)?None of the above
At a minimum, RAID 3 requires ________ drive(s)
A) 2 B) 3 C) 1 D) 5