a.With terms 2/15, n/60 the credit period ends:

		In 15 days
		In 45 days
		In 30 days
		In 60 days

b.

At the end of the year, company C expects that a certain amount of sales will be refunded to customers in the following year. This amount should be credited to:

		Customer Refunds Payable
		Cost of Merchandise Sold
		Accounts Payable
		Estimated Returns Inventory

c.

Assuming rising costs, the best inventory method to use for tax purposes is

		FIFO
		LIFO
		Weighted Average Cost
		Any of the above

d.A check for $36 was recorded as $63 in the company books. To complete a bank reconciliation this error would be:

		Added to the bank section
		Deducted from the bank section
		Added to the company books section
		Deducted from the company books section

e.

The journal entry to replenish a Petty Cash fund would :

		Debit expenses and credit Petty Cash
		Debit Petty Cash and credit Cash
		Debit Expenses and credit Cash
		Debit Petty Cash and credit Cash