Under the periodic inventory system when payment for inventory is made within the discount period, Accounts Payable is debited, Purchases Discounts is credited and Cash is credited
Indicate whether the statement is true or false
true
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Which of the following is the best argument against the use of negative accounts receivable confirmation requests?
A. Recipients are likely to feel that in reality the confirmation is a subtle request for payment. B. The inference drawn from receiving no reply may not be correct. C. The cost-per-response is excessively high. D. There is no way of knowing if the intended recipients received them.
At Home Depot, a customer can purchase a gallon of one-coat paint that contains the ingredients for both a primer and a color. What is the primary economic need being satisfied by this type of paint?
A. economy of purchase B. convenience C. dependability in use D. improvement of earnings
Polly Nolan received the following items this year. Interest on New York City School bonds$1,600Gift from grandparents$5,000Jackpot from state lottery$42,500Gambling winnings$3,000Compute Polly's gross income.
A. $47,100 B. $45,500 C. $42,500 D. $47,500
Retained earnings are net profits minus dividend payments to stockholders
Indicate whether the statement is true or false.