Which of the following would be correct if a company factored $2,500,000 of receivables with a 2 percent fee?
A. $2,450,000 credit to cash
B. $50,000 debit to factoring fee expense
C. $2,500,000 debit to accounts receivable.
D. $50,000 debit to factoring fee receivable.
Answer: B
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A) accounting information system B) RAM C) server D) router
Direct product profitability corresponds to a product's gross profit
Indicate whether the statement is true or false
Outbound transportation costs per unit tend to be lower than inbound costs, because inbound lot sizes are typically larger
Indicate whether the statement is true or false.
On May 31, the Cash account of Bottle's R US had a normal balance of $5,000. During May, the Cash account was debited for a total of $12,200 and credited for a total of $11,500. What was the balance in the Cash account at the beginning of May?
A. A $4,300 debit balance. B. A $0 balance. C. A $4,300 credit balance. D. A $5,700 debit balance. E. A $5,700 credit balance.