5. Jameson Company received $45,000 cash on November 1 for work to be completed equally over the next three months and recorded this amount as deferred revenue on that daie. On December 31, what adjusting entry will Jameson have to record related to this transaction assuming no adjusting entries have been previously during the year? A. Revenue $45,000 Deferred Revenue $45,000 B. Cash $45,000 Deferred Revenue C. Deferred Revenue $15,000 $45,000 Revenue D. Deferred Revenue $30,000 Revenue $30,000 Arrowhead Corporation began 2018 with 400 units of its one product that it had purchased for S10 per unit. On January 8, Arrowhead purchased 1 50 additional units for $8 per unit. On January 20, Arrowhead sells 200 units to a customer for $12 per unit. No other sales or purchases are made during the month, and Arrowhead uses LIFO with a perpetual inventory system. What is the dollar amount of Arrowhead's ending inventory on January 31, 2018? 6. A. $3.500 B. $1,700 C. $2,800 D. $5,200 I. The inventory turnover ratio is equal to the number of days inventory is held II. The accounts receivable turnover ratio is equal to the number of times during 7. Which of the following statements is TRUE? in storage prior to being sold, on average. the year the average accounts receivable balance is sold during the year. A. I only B. II only C. Both I and II D. Neither I nor