Social surroundings during the purchase decision do not include the presence of a salesperson.
Answer the following statement true (T) or false (F)
False
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Durable Equipment Company uses the periodic inventory system. Durable reported the following selected amounts at June 30, 2019 (the beginning inventory balance is also provided):
Requirement A: Compute cost of goods sold.
Requirement B: Compute gross profit.
On July 9, Mifflin Company receives an $8200, 120-day, 6% note from customer Payton Summers as payment on account. What entry should be made on the maturity date assuming the maker pays in full, and no adjusting entries have been made related to the note? (Use 360 days a year.)
A. Debit Cash $8282; credit Interest Revenue $82; credit Notes Receivable $8200. B. Debit Cash $8200; credit Notes Receivable $8200. C. Debit Notes Receivable $8200; debit Interest Receivable $164; credit Sales $8364. D. Debit Cash $8293; credit Interest Revenue $93; credit Notes Receivable $8200. E. Debit Cash $8364; credit Interest Revenue $164; credit Notes Receivable $8200.
In a job order cost accounting system used by a service business, which of the following items would normally not be included as part of overhead?
A) Materials B) Direct labor C) Rent D) Supplies
The standard paper size for business documents is consistent around the world
Indicate whether the statement is true or false