Which of the following engagements is sometimes referred to as bookkeeping services?
a. Reviews.
b. Special reports.
c. Compilations.
d. Audits.
c
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On February 3, Smart Company sold merchandise in the amount of $2600 to Truman Company, with credit terms of 2/10, n/30. The cost of the items sold is $1800. Smart uses the perpetual inventory system and the gross method. Truman pays the invoice on February 8, and takes the appropriate discount. The journal entry that Smart makes on February 8 is:
A.
| Cash | 1720? | |
| Accounts receivable | 1720? |
B.
| Cash | 2600? | |
| Accounts receivable | 2600? |
C.
| Cash | 2520? | |
| Sales discounts | 36? | |
| Accounts receivable | 2556? |
D.
| Cash | 2548? | |
| Sales discounts | 52? | |
| Accounts receivable | 2600? |
E.
| Cash | 1800? | |
| Accounts receivable | 1800? |
A guideline provided in the text states that good selling involves 40 percent presentation, 20 percent preparation, and 40 percent follow-up.
Answer the following statement true (T) or false (F)
Mindful coaching is about ______.
A. leading your followers B. sharing your expertise C. preparation and execution D. showing who is the boss
On December 31 of the current year, Holmgren Company's bookkeeper made an entry debiting Supplies Expense and crediting Supplies on Hand for $12,600 . The Supplies on Hand account had a $15,300 debit balance on January 1 . The December 31 balance sheet showed Supplies on Hand of $11,400 . Only one purchase of supplies was made during the month, on account. The entry for that purchase was
a. debit Supplies on Hand, $8,700 and credit Cash, $8,700. b. debit Supplies Expense, $8,700 and credit Accounts Payable, $8,700. c. debit Supplies on Hand, $8,700 and credit Accounts Payable, $8,700. d. debit Supplies on Hand, $16,500 and credit Accounts Payable, $16,500.