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Explain why use of the perpetual inventory system has dramatically increased.
Why are sales discounts and sales returns and allowances recorded in contra revenue accounts instead of directly in the Sales account?
What temporary accounts do you expect to find in a merchandising business but not in a service business?
Buyers negotiate purchase contracts with suppliers. What type of shipping terms should a buyer attempt to negotiate to minimize freight-in costs?
What is the difference between a sales discount and a purchase discount?
Does the sender of a debit memorandum record a debit or a credit in the recipient's account? What entry does the recipient record?
eturned 50 defective units from the March 5 purchase and received full credit.
Received payment for the amount due from the April 1 sale less the return on April 4.
If an adjusting entry for accrued revenues of $200 at year-end is omitted, what is this error's effect on the year-end income statement and balance sheet?
What type of business is most likely to select a fiscal year that corresponds to its natural business year instead of the calendar year?
Prepare the journal entry to reflect expiration of the insurance as of December 31, 2011.
Chaves Company purchases $40,000 of land on January 1, 2011. The land is expected to last indefinitely.
What adjusting entry should Eager make to account for the work performed from October 1 through December 31, 2011?
If the student earns $100 per day, what adjusting entry must Moder make on July 31 to correctly record accrued salaries expense for July?
Calculate the first year's net income under both the cash basis and the accrual basis of accounting.
Yang Company reported net income of $37,925 and net sales of $390,000 for the current year. Calculate the company's profit margin and interpret the result.
Unpaid salaries are recorded with a debit to Prepaid Salaries and a credit to Salaries Expense.
Is cash basis accounting consistent with the matching principle? Why or why not?
The Office Supplies account had a $480 debit balance on December 31, 2010. During 2011, $5,349 of office supplies are purchased.
A $780,000 note payable requires 9.6% annual interest, or $6,240 to be paid at the 20th day of each month.
Determine the missing amounts in each of these four separate situations a through d.
Pablo Management has five part-time employees, each of whom earns $100 per day. They are normally paid on Fridays for work completed Monday through Friday.
Which of the five companies is the most profitable according to the profit margin ratio? Interpret that company's profit margin ratio.
Prepare entries for these transactions under the method that records prepaid expenses and unearned revenues in balance sheet accounts.
Compute profit margins for Research In Motion and Apple for the two years of data shown.