A trial balance can be as informal as an adding machine tape with the account titles penciled in next to the debit and credit amounts

Ace, Inc. had the following transactions during June:

Performed services for $5,000 on account; received cash on account, $7,000; paid $600 for repair expense; paid $2,000 to a supplier that it owed from the previous month What is the combined effect on Cash of the June transactions? A) $4,400 increase B) $4,400 decrease C) $7,000 increase D) $2,600 decrease

Common provisions in contracts that modify the perfect tender rule include the following

except: A) The buyer will accept nonconforming goods with an appropriate price concession from the seller. B) The seller has the opportunity to replace nonconforming goods. C) Only the defective goods can be rejected. D) The buyer can reject any or all goods in a nonconforming shipment. E) The seller has the opportunity to repair defective goods.