An accounting firm collected cash on account. As a result of this transaction, total assets, liabilities, and equity are all unchanged
Indicate whether the statement is true or false
TRUE .The asset Cash increases and the asset Accounts Receivable decreases. Liabilities and equity are not affected.
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When the choice of replacements is limited in a family-owned business, the owner may broaden a manager's job specification in order to utilize him/her effectively.
Answer the following statement true (T) or false (F)
Salespeople should most likely do which of the following when a product is delivered to a customer?
A) Call the shipping agent to monitor delivery. B) Mail an instruction manual to the customer. C) Offer training in the use of the product. D) Change the price charged to the customer. E) Unpack the product by hand.
Compare and contrast efficient versus responsive supply chains
What will be an ideal response?
On September 12, Ryan Company sold merchandise in the amount of $5,800 to Johnson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Johnson uses the periodic inventory system and the net method of accounting for purchases. Johnson pays the invoice on September 18, and takes the appropriate discount. The journal entry that Johnson makes on September 18 is:
A.
| Accounts payable | 5,800 | |
| Purchases discounts | 116 | |
| Cash | 5,684 |
B.
| Accounts payable | 4,000 | |
| Merchandise inventory | 80 | |
| Cash | 3,920 |
C.
| Purchases | 5,684 | |
| Cash | 5,684 |
D.
| Accounts payable | 5,684 | |
| Cash | 5,684 |
E.
| Cash | 5,684 | |
| Purchases discounts | 116 | |
| Accounts payable | 5,800 |