It is industry standard to model relationships as ________ in entity-relationship diagrams

Acme Enterprise sold $150 of merchandise to a customer for cash. The sales tax was 7%. How much sales revenue did Acme earn?

A) $10.50 B) $160.50 C) $150.00 D) $139.50

At the year-end, the perpetual inventory system of Horran Company indicated an ending inventory level of 190 units at a cost of $5 each. A physical count performed at year-end resulted in 184 units being on hand at a cost of $5 each

What journal entry, if any, is necessary at year-end? A) No journal entry is necessary. B) Inventory Shrinkage Expense 30 Inventory 30 C) Cost of Goods Sold 30 Inventory Shrinkage Expense 30 D) Inventory Shrinkage Expense 30 Cost of Goods Sold 30 E) Inventory 30 Cost of Goods Sold 30