Office supplies purchased by Ari's Alarm Service on account were returned. Which of the following entries for Ari's Alarm Service records this transaction?
A) Cash, debit; Office Supplies, credit
B) Office Supplies, debit; Accounts Receivable, credit
C) Accounts Payable, debit; Office Supplies, credit
D) Office Supplies, debit; Accounts Payable, credit
C
You might also like to view...
Answer the following statements true (T) or false (F)
1. The two types of change are practical and theoretical. 2. Reactive change is carefully thought out. 3. Proactive change involves making carefully thought-out changes in anticipation of possible or expected problems or opportunities. 4. BP handled the 2010 oil spill crisis in the Gulf of Mexico in a proactive manner.
According to generally accepted accounting principles, the proper accounting treatment for the cost of a trademark that management feels will retain its value indefinitely is to
a. write the cost off immediately. b. amortize the cost over a reasonable life. c. amortize the cost over five years. d. carry the cost as an asset indefinitely.
Inventory costs include:
A) carrying costs. B) ordering costs. C) shortage costs. D) all of the above
Uncle Tim's Inventions has an expected dividend next year of $3.60 and a required return of 12 percent. Assuming the dividends will be paid indefinitely, calculate the value of a share of common stock assuming a zero growth rate of dividends
What will be an ideal response?