Park, Inc purchased merchandise from Jay Zee Music Company on June 5, 2015 . The goods were shipped the same day. The merchandise's selling price was $15,000 . The credit terms were 1/10, n/30 . The shipping terms were FOB shipping point. Park received the merchandise on June 10, 2015 . Park paid the amount due on June 13, 2015. If Park uses the periodic inventory system, the effect of recording
the payment on June 13, 2015, will include
a. a decrease to Purchases for $15,000.
b. an increase to Inventory for $14,850.
c. a decrease to Cash for $15,000.
d. a decrease to Accounts Payable for $15,000.
d
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Clay, a minor, signs a contract to buy a car from Delta Motors by misrepresenting his age as twenty-one. Clay fails to make the payments. Delta sues. In most states, Clay can
A. not return the car nor avoid further liability B. not return the car but can avoid further liability C. return the car and avoid further liability D. return the car but cannot avoid further liability
Steve's Physco Skates sells its products to Walmart, who then sells them to the consumer. This is an example of a(n) ________
A) direct marketing channel B) producer channel C) indirect marketing channel D) horizontal marketing system E) corporate vertical marketing system