Gershwin Wallcovering Inc. shipped the wrong shade of paint to a customer. The customer agreed to keep the paint upon being offered a 15% price reduction. Gershwin would record this reduction by crediting accounts receivable and debiting: A) Inventory. B) Sales discounts. C) Sales. D) Cost of goods sold E) None of the above. In a periodic inventory system, the cost of purchases is debited to: A) Purchases. B) Cost of goods sold. C) Inventory. D) Accounts payable. E) None of the above. AI Darby wants to withdraw $20,000 from an investment fund at the end of each year for five years. How much should he invert at the beginning of the first year if the fund earns 10% compounded annually? A) $100,000 B) $75, 816 C) $77, 217 D) $75, 856 E) None of the above. When computing the cost-to-retail percentage for the conventional retail method, included in the denominator are: A) Net markups and net markdowns. B) Neither net markups nor net mark downs. C) Net markups, but not net markdowns. D) Net markdowns, but not net markups. E) None of the above. Jerry recently was offered a position with a major accounting firm. The firm offered Jerry either a signing bonus of $23,000 payable on the first day of work or a signing bonus of $26,000 payable after one year of employment. Assuming that the relevant interest rate is 10%. which option should Jerry choose? A) The options are equivalent B) Insufficient information to determine. C) The signing bonus of $23,000 payable on the first day of work. D) The signing bonus of $26,000 payable after one year of employment. Cash may not include: A) Foreign currency. B) Money orders. C) Restricted use cash. D) Undeposited customer checks. E) All of the above are included in cash