Chancellor Company purchased merchandize worth $900 on credit, terms n/30 . What is the required journal entry to record the transaction under the periodic inventory system?
a. Accounts Receivable 900
Purchases 900
b. Purchases 900
Accounts Payable 900
c. Merchandize Inventory 900
Accounts Payable 900
d. Accounts Payable 900
Merchandize Inventory 900
B
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Which of the following is the last step taken by fraud examiners during an examination of a business when looking for e-business fraud?
a. Investigate all symptoms of e-fraud found. b. Use information systems to highlight possible fraud activity. c. Analyze the results of database searches. d. Determine if the activity noted is an anomaly or usual business activity.
Zero, Inc agreed to build Millie a storage building for $8,000 . After beginning the project, Zero realized that it could not complete the job and make a profit. Zero demanded $9,500 to complete the building. Millie agreed to pay the $9,500 . When the project was complete, Millie tendered $8,000 to Zero for the job. If Zero sues Millie for the remaining $1,500:
a. Zero will win because there was consideration for the additional $1,500. b. Zero will win because Millie had a pre-existing duty to pay any additional amounts. c. Zero will lose because there was no legal consideration to support the additional $1,500. d. Zero will lose because the UCC does not require consideration to modify an existing contract.
A consumer products company produces inexpensive goods in underdeveloped markets, then repackages them as cost-effective innovations for Western buyers. This is an example of glocalization.
Answer the following statement true (T) or false (F)
Glory Enterprises quality control report for August contains the following items: Liability costs associated with defective products$10,000 Disposal costs of defective products failing inspection 20,000 Disposal costs of raw materials failing inspection 30,000 Quality training provided to workers 40,000 Lost sales due to poor quality and defective products 50,000 Advertising costs to offset perception of poor product quality 60,000 Raw materials used to correct defects before product was sold 70,000 Testing and inspecting a sample of finished goods 80,000 What would be the total of the nonconformance costs on the August quality control report for Glory Enterprises?
A. $150,000. B. $180,000. C. $210,000. D. $120,000.