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14) The following lettered items represent a classification scheme for a balance sheet, and the numbered items represent accounts found on balance sheets. In the
14) The following lettered items represent a classification scheme for a balance sheet, and the numbered items represent accounts found on balance sheets. In the blank next to each account, write the letter indicating to which category it belongs A. Current assets B. Long-term investments C. Property, plant, and equipment D. Intangible assets E. Current liabilities F. Long-term liabilities G. Owner's equity 1. Parking Garage 2. Owner's Capital -6. Inventory 7. Pickup Truck 3. Interest Expense Payable 8. 9. 10. Prepaid Rent 4. Salaries and Wages Payable 10-Year Bonds Payable 5. Copyright Stock Held for Investment 15) Glenn Company purchased merchandise inventory with an invoice price of $9,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Glenn Company pays within the discount period? a. $8,100 b. $8,280 c. $8,820 d. $9,000 16) Sales revenues are usually considered earned when a. cash is received from credit sales. b. an order is received. c. goods have been transferred from the seller to the buyer. d. adjusting entries are made. 17) A credit sale o $3,700 is made on July 15, terms 2/10, n/30, on which a return of $300 is granted on July 18. What amount is received as payment in full on July 24
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