No 36

Debit Accounts Payable for exist5,000, credit inventory for exist100, and credit Cash for exist4, 900 Debit Accounts Payable and credit Cash for exist4, 900 Debit Accounts Payable for exist5,000, credit Purchase Discount for exist100, and credit Cash for exist4, 900 Boron Company has sales of exist60,000, beginning inventory of exist7,000, purchases of exist35,000, and ending inventory of exist5,000. The cost of goods sold is: exist23,000 exist33,000 exist37,000 exist42,000 Why was the Sarbanes-Oxley Act (SOX) enacted? To improve the financial reporting and restore investor confidence Accounting rules had become so complex that investors could no longer understand them To bring GAAP closer to global financial reporting standards The lack of significant corporate frauds during the late 1990s and early 2000s warranted less monitoring for external stakeholders