Choose the best answer

14. If the term is 2/10, n/30, purchase made on July 1 should be paid until a July 11 b. July 31 c July 21 d July 10 15. During the year, Rex Store purchased goods worth P150,000. There were P40, oc unsold goods at the end of the year but old stock brought forward from last year' purchases was P10,000. Cost of Sales was a. P140,000 b. P120,000 c. P110,000 P180,000 16. Which of the following accounts is not closed? a. Withdrawals c. Service revenue b. Accumulated Depreciation d. Advertising Expense 17., which account does a merchandiser use that a service company does not use? a. Cost of goods sold b. inventory c. Sales revenue d. All of the above 18. After performing a bank reconciliation, we need to journalize a. All items on the bank side of the reconciliation b. All items on the book nside of the reconciliation c. All items on the reconciliation d. No items from the reconciliation 19. Which cost is not recorded as part of the cost of the building? a. Annual building maintenance b, Real estate commission paid to buy the building c. Earthmoving for the building's foundation d. Construction materials and labor 20. Which items appear on the book side of a bank reconciliation a. Outstanding checks b, Deposits in transit c. Both a and b None of the above