Name: ID: D Addison, Inc, uses a perpetual inventory system. The following is information about one inventory item for the month of September: Sep. 1 Inventory 20 units at $20 10 units 30units at S25 20 units 10 units at $30 4 Sold 10 Purchased 17 Sold 30 Purchased 21. If Addison uses FIFO, the cost of the ending merchandise inventory on September 30 is a, $800 b. $700 . $650 d. $750 Grayson Bank agrees to lend the Trust Company $100,000 on January 1. Trust Company signs a $100,000, 8%, 9-month note. The entry made by Trust Company on January 1 to record the proceeds and issuance of the note is: 22. a. Notes Payable 100,000 Interest Payable 6,000 100,000 6,000 Cash Interest Expense b. Interest Expense 8,000 92,000 Cash Notes Payable 100,000 c. Cash 108,000 Interest Expense Notes Payable 8,000 108,000 100,000 d. Cash 100,000 Notes Payable 23. A check issued and written by a company for $270 in payment of a liability was erroneously recorded in the journal as $720. What entry is required in the company's accounts to correct this error? a. debit Accounts Receivable; credit Cash b. debit Accounts Payable; credit Cash c. debit Cash; credit Accounts Receivable d. debit Cash; credit Accounts Payable Which group of accounts is comprised of only assets? a. Accounts Receivable, Revenue, Cash b. Unearned Revenues, Prepaid Expenses, Cash c. Prepaid Expenses, Buildings, Patents d. Cash, Accounts Payable, Buildings 24