On November 19, Nicholson Company receives a $22,800, 60-day, 5% note from a customer as payment on account. What adjusting entry should be made on the December 31 year-end? (Use 360 days a year.)
A. Debit Notes Receivable $133; credit Interest Receivable $133.
B. Debit Interest Receivable $190; credit Interest Revenue $190.
C. Debit Interest Revenue $190; credit Interest Receivable $190.
D. Debit Notes Receivable $57; credit Interest Revenue $57.
E. Debit Interest Receivable $133; credit Interest Revenue $133.
Answer: E
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The "cradle-to-grave" cycle for inventory begins when goods are purchased and stored and ends when the finished goods are shipped to customers.
Answer the following statement true (T) or false (F)
When the auditor is unable to obtain sufficient, appropriate evidence concerning the beginning inventory, which is material, the report is modified by adding an explanatory paragraph prior to the opinion paragraph and appropriate modification to the scope paragraph
a. True b. False Indicate whether the statement is true or false
Rosy's Sweet Treats is a small-scale restaurant that gets its supplies from Widget Suppliers that takes legal possession of the goods it distributes. The employees of Rosy's Sweet Treats make a monthly trip to Widget Suppliers to cart their own products back to the restaurant because Rosy's Sweet Treats is too small to merit in-person sales calls from customer care reps. In this scenario, Widget Suppliers is a(n) _____.
A. agent B. broker C. drop shipper D. cash and carry wholesaler
Which of the following best describes a pick list?
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