Assuming the company uses the earnings approach for revenue recognition, when goods are returned in a saleable condition, that relate to a prior cash sale, O the Cash account will be credited. O Accounts Receivable will be credited. O the Sales Returns and Allowances account should not be used. O Sales Returns and Allowances will be credited. Waterway Inc. uses the perpetual inventory system and the weighted average cost formula to value inventories. On August 1. there were 5000 units valued at $14000 in the beginning inventory. On August 10, 9000 units were purchased for $7 per unit. On August 15, 7000 units were sold for $11 per unit. The amount charged to cost of goods on August 15 was O $28000. O $38500. O $49000. O $28700. Concord Company lends Tamarisk Company $33000 on January 1 and, accepts a 2-month, 4% promissory note in exchange. Concord Company prepares financial statements on January 31. What adjusting entry should be made before preparing the financial statements can be prepared? O Notes Receivable-Tamarisk Cash 33000 33000 110 O Interest Receivable Interest Revenue 110 O Cash 110 110 Interest Revenue 220 Interest Receivable Interest Revenue 220 On July 1, 2021 The Marigold Co. sells equipment for $22100. The equipment originally cost $61000, had an estimated 5 year life and an expected residual value of $9600. The accumulated depreciation account had a balance of $34600 on January 1, 2021, using the straight-line method. The gain or loss on disposalis O $3360 gain. $840 loss. O $3360 loss. O $840 gain