Voluntary regulation is used when the political will for stringent command rules is present.

Anderson Furniture sold 15 desks, with a cost of $5,500, for $12,250 on account. Anderson uses the periodic inventory system. Which of the following is the correct way to record this transaction?

A) Sales Revenue 12,250 Accounts Receivable 12,250 B) Accounts Receivable 12,250 Sales Revenue 12,250 Cost of Goods Sold 5,500 Merchandise Inventory 5,500 C) Accounts Receivable 12,250 Sales Revenue 12,250 D) Accounts Receivable 12,250 Sales Revenue 12,250 Purchases 5,500 Merchandise Inventory 5,500

Referring to Schwety, what is the cash balance at the end of March?

A) $10.90 B) $11.50 C) $12.70 D) $13.00 E) $13.70