Barney Company purchased merchandise from Solon for $1,000, with terms 2/10, n/30, FOB Shipping Point. Who pays the freight in this case? A. Barney Company B. Solon Company C. Freight Charges are shared D. None of these Bob puts $1,000 into a bank account that offers 6% interest. How much interest would Bob earn in one month? A. $60 b. $600 c. $5 d. $20 At the end of the accounting period, the Drawing account must be closed to the a. Income Summary account b. Capital account c. Revenue account d. Expense account Smith purchased inventory: 100 units @ $5 per unit and 100 units at $6 per unit. If Smith sells 120 units, the COGS under FIFO would be: a. $620 6.500 c. $480 d.$600 In which of these cases was revenue earned? A. We received a cash payment from a customer on account. B. We paid cash to reduce an Account Payable C. Cash was received today for service that we will perform in 30 days D. We performed services for a customer on account