On May 1, a company purchased inventory costing $2,000 on account with terms 2/10, n/30. On May 18, the company pays for this inventory and records which of the following using a perpetual inventory system?1.Accounts Payable2,000 Cash 2,0002.Accounts Payable1,960 Inventory40 Cash 2,0003.Accounts Payable2,000 Inventory 40 Cash 1,9604.Cash2,000 Accounts Payable 2,000
A. Option 1
B. Option 2
C. Option 3
D. Option 4
Answer: A
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Which of the following is not a potential business impact from people in developed countries living longer?
A. The cost of health care will decrease. B. Global demand for elderly products will grow. C. Global demand for elderly services will grow. D. Pharmaceutical companies will be pushed for advances in geriatric medicine.
At a given point in time, a trial balance is a list of all ledger accounts and their balances.
Answer the following statement true (T) or false (F)
Civil laws define wrongs against society
Indicate whether the statement is true or false
A professor knew a colleague who was quite ill. The professor applied for life insurance on the colleague's life and named himself as beneficiary. Because of a similarity in the names of the professor and the colleague, an error was made and the policy
was issued. The professor also sold his car to a student. When the student drove away, it was clear that the student was an extremely reckless driver. The professor decided not to cancel his property insurance policy that he had maintained on the vehicle that he sold to the student. Shortly thereafter, the colleague died and the student demolished the car. The professor applied for insurance benefits under both policies and each of the insurers resisted payment. Decide both cases.