4. A 60-day, 12% note for $10,000, dated May 1, is received from a customer on a

Question

4.A 60-day, 12% note for $10,000, dated May 1, is received from a customer on account. The maturity value of the note is

Answer

5. Who pays the freight cost when the terms are FOB destination?

Answer

6. Use the following information to answer the following questions.

7. If the physical count of the inventory revealed $72,000 of merchandise on hand and the inventory records reported $73,200, what would be the necessary adjusting entry to record inventory shortage?

a. $10,200 b. $10,000 c. $11,200 d. $9,800

Explanation / Answer

4.A 60-day, 12% note for $10,000, dated May 1, is received from a customer on account. The maturity value of the note is

Answer

5. Who pays the freight cost when the terms are FOB destination?

Answer

6. Use the following information to answer the following questions.

7. If the physical count of the inventory revealed $72,000 of merchandise on hand and the inventory records reported $73,200, what would be the necessary adjusting entry to record inventory shortage?

a. $10,200

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