ned $200 worth of records E. Not necessary in a perpetual inventory system. A company purchased $1.800 of merchandise on December 5. On December 7, it returned $200 worth merchandise. On December & it paid the balance in full, taking a 2% discount. The amount of the cash C. $1,568. D. $1,600. E. $1,800 Followers to recomLone 52.00 on December 8 equals: A. 5200. B. 51.564. 7. Griggs Company holds 550,000 of 8% bonds as a held-to-maturity security. Which of the following is the correct joumal entry to record the receipt of the semiannual interest payment? A. debit Cash, $4,000 credit Long-Term Investments-HTM, $4,000. B. debt Cash $2,000 credit Long-Term Investments --HTM, S2000 C. debit Cash, $2,000 credit Interest Revenue, $2,000 D. debit Unrealized Gain-Equity$2,000, credit Cash, $2,000 E. debit Cash, $4.000;credit Unrealized Gain-Equity, $4,000. 52.000 A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6 they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale? A. $304 B. $296 C.5288 D. $280 E. $276. 9. The rule that requires financial statements to reflect the assumption that the business will continue operating Instead of being closed or sold, unless evidence shows that it will not continue, is the: A. Going-concem assumption B. Business entity assumption. C. Objectivity principle D. Cost Principle. E. Monetary unit assumption. 10. If a parcel of land that was originally acquired for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95.000, is recognized by its purchasers as easily being worth $140,000, and is sold for $137,000, the land should be recorded in the purchaser's books at: A. 595,000. B. $137,000. C. $138,500. D. $140,000. E. $150,000 11. A company purchased $4.000 worth of merchandise. Transportation costs were an additional $350. The company later returned $275 worth of merchandise and paid the invoice within the 2% cash discount period. The total amount paid for this merchandise is: A $3.725,00. B. $3.925.00. C. $3.995.00. D. $4,000.50. E. $4,075.00 12A company borrowed $50,000 from a bank by signing a long-term note payable. Identify the journal the transaction would be recorded in. A. Cash disbursements journal. B. Sales journal. C.Cash receipts journal D. Purchases journal. E. General journal. 13. For which item does a bank NOT issue a debit memorandum? A. To notify a depositor of all withdrawals through an ATM. B. To notify a depositor of a fee assessed to the depositor's account C. To notify a depositor of a uncollectible check. D. To notify a depositor of periodic payments arranged in advance, by a de E. To notify a depositor of a deposit to their account. A m adeo adjusting entry for accrued and pand employee wages of $28.000 This oversight would A Understate net income by $28.000. B. Overste net income by S2 C. Have no effect on net income. D.Overstate assets by $28.000 E. Understate assets by $28.000. December 31. 1. When originally purchased a vehicle had an estimated useful life of years years. The vehicle cost $23,000 and its savage value is $1,500. After 4 years of straight-line depreciation, the assesse d useful de v ised from you to 6 years and there was no change in the estimated value The depreciation expense in year 5: equal AS5375.00. B. $2.687.50. C.$ 5,543.75. D. $10,750.00. E$285625