In general, courts prefer to give equitable remedies instead of damages in case of breach of contract

A company that uses the perpetual inventory system purchased 500 pallets of industrial soap for $7,000 and paid $800 for the freight-in. The company sold the whole lot to a supermarket chain for $14,000 on account

Which of the following entries correctly records the sale? A) Accounts Receivable 14,000 Sales Revenue 14,000 Cost of Goods Sold 7,800 Merchandise Inventory 7,800 B) Merchandise Inventory 14,000 Cost of Goods Sold 14,000 C) Cost of Goods Sold 14,000 Sales Revenue 14,000 D) Accounts Receivable 14,000 Sales Revenue 14,000 Cost of Goods Sold 7,000 Merchandise Inventory 7,000

Eliasen, Inc invests its excess cash in Creative Technologies, Inc and acquires 3,300 shares for $32

50 per share. Eliasen, Inc owns less than 2% of Creative's voting stock and plans to hold the stock for two years. Which of the following is the correct journal entry for the transaction? A) Long-term Investments-Held-to-Maturity 107,250 Cash 107,250 B) Cash 107,250 Long-term Investments-Held-to-Maturity 107,250 C) Cash 107,250 Long-term Investments-Available-for-Sale 107,250 D) Long-term Investments-Available-for-Sale 107,250 Cash 107,250