Park, Inc purchased merchandise from Jay Zee Music Company on June 5, 2015 . The goods were shipped the same day. The merchandise's selling price was $15,000 . The credit terms were 1/10, n/30 . The shipping terms were FOB shipping point. Park received the merchandise on June 10, 2015 . Park paid the amount due on June 13, 2015. If Park uses the periodic inventory system, the effect of recording
the payment on June 13, 2015, will include
a. a decrease to Purchases for $15,000.
b. an increase to Inventory for $14,850.
c. a decrease to Cash for $15,000.
d. a decrease to Accounts Payable for $15,000.
d
You might also like to view...
Canon introduced the first full-color copiers and the first copiers with "connectivity"-the ability to print images from such sources as video camcorders and computers
This Canon example shows how an innovative marketing strategy-with fresh approaches to the product, pricing, distribution, and selling leads to overall competitive advantage in the marketplace. This strategy can be classified under: A) collaborating. B) loose bricks. C) changing the rules. D) layers of advantage. E) differentiation.
What is a set of possible pay rates defined by a minimum, maximum, and midpoint of pay for employees holding a particular job?
A. pay range B. compensation differential C. pay differential D. compa-ratio E. pay grade
Which of the following is a traditional HIM role?
a. Managing interoperability standards b. Data manipulation c. Information governance d. Tracking record completion
Which production environment handles products that are custom designed and built to specific requirements?
A. MTO B. MTS C. ATO D. ETO