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A company that uses the perpetual inventory system purchased inventory for $900,000 on account with terms of 4/7, n/20. Which of the following correctly records the payment made 15 days after the date of invoice?

A) Cash 900,000 Accounts Payable 900,000 B) Accounts Payable 900,000 Merchandise Inventory 900,000 C) Accounts Payable 900,000 Cash 900,000 D) Accounts Payable 900,000 Merchandise Inventory 36,000 Cash 864,000

Smith entered an oral agreement hiring and authorizing Jones to sell fraudulent identification cards produced by Smith. Smith and Jones orally agreed to share the proceeds from their enterprise. Later, Jones claimed that no enforceable agency relationship was created. Jones is correct because

A. Jones did not have authority. B. Jones did not have contractual capacity. C. The purpose of the agency was contrary to public policy. D. The agreement was a partnership.