A company purchased inventory for $4,000 from a vendor on account, FOB shipping point, with terms of 3/15, n/30. The company paid $100 cash for freight in. The entry to record payment of invoice within 3 days by the purchaser would include ________
(Assume a perpetual inventory system.)
A) a debit to Accounts Payable for $3,880 and a credit to Cash for $3,880
B) a debit to Accounts Payable for $4,000, a debit to Merchandise Inventory for $100, and a credit to Cash for $3,880
C) a debit to Accounts Payable for $4,000, a credit to Merchandise Inventory for $120, and a credit to Cash for $3,880
D) a debit to Accounts Payable for $3,880, a debit to Merchandise Inventory for $120, and a credit to Cash for $4,000
C
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If a will client is discussing her family with the paralegal, and she mentions that she only has two children and three grandchildren whom she would like to take under her will, that client wishes to leave her estate to her:
A) lineal descendants. B) lineal ascendants. C) collateral relatives. D) trustee and administrator.
When computing an interest or growth rate, the rate will decrease with an increase in future value, holding present value and the number of periods constant
Indicate whether the statement is true or false