A merchandiser had sales returns and allowances of $400, sales discounts of $700, cost of goods sold of $14,000, and all other expenses of $4,400. The merchandiser uses a perpetual inventory system
The second entry in the closing process would include ________.
A) a debit to Income Summary for $19,500
B) a credit to Income Summary for $18,400
C) a debit to Income Summary for $4,400
D) a debit to Income Summary for $18,400
A .Second entry in closing process relates to closing of expense accounts and other temporary accounts with a debit balance.
Income Summary 19,500
Sales Returns and Allowances 400
Sales Discounts 700
Cost of Goods Sold 14,000
Other expenses 4,400
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Chapter 13 describes the electronic invoicing and payment (EIPP) system for the B2C environment
Indicate whether the statement is true or false
Which of the following increases cash?
a. depreciation expense b. acquisition of treasury stock c. borrowing money by issuing a six-month note d. the declaration of a cash dividend
Maria considers buying a car for herself, after she notices the advantages experienced by her best friend from his new car. Which of the following forms of stimulus has activated Maria's problem recognition process?
A) external stimuli B) internal stimuli C) peer stimuli D) secondary stimuli E) marketing induced stimuli
A measure of central tendency, given as the value above which half of the values fall and below which half of the values fall is called the ________
A) mean B) mode C) median D) maxima E) binary inflection