On July 1, 2020, the customer dishonors the pote for the rine How much should American Pawn record as accounts receivable on that date? A B. C D. $1,875 $2,500 $25,000 $26.875 If instead, assume on July 1, 2020, the customer pays the note for the ring. How much interest revenue will American Pawn record as of 7/1/20? A B. C. D. $750 $1,042 $1,250 $3,000 7. All but which is considered an adjustment to the "bank" side of a bank reconciliation? A B. C. D. Deposits in transit Bank errors Bank service charges Outstanding checks ABC Company sold merchandise to XYZ Company on 2/27/19 FOB Destination, terms 2/10,n/30. The goods were shipped on 2/28 and received by XYZ on 3/5. ABC Company will record the sale on: A. B. C. D. 2/27 2/28 3/5 ABC can record the sale on any of these dates 9. Frank's Fine Furniture manufactures high quality dining room tables with matching chairs to sell in its showroom in North Carolina. Frank decides to place 5 dining room sets on consignment with Rooms To Go, to test the market in Florida. Which of the following statements is TRUE regarding this transaction? Rooms to Go should make the following entry when the furniture is received: Debit: Inventory and Credit: A/P Frank's Fine Furniture should make the following entry when the furniture is shipped: Debit: A/R and Credit: Sales Assuming periodic inventory system, Frank should record COGS expense when Rooms to Go receives the furniture No entry is required on Frank's books or Room to Go's books when the items are shipped and received by Rooms to Go. C. On July 1, 2020, the customer dishonors the pote for the rine How much should American Pawn record as accounts receivable on that date? A B. C D. $1,875 $2,500 $25,000 $26.875 If instead, assume on July 1, 2020, the customer pays the note for the ring. How much interest revenue will American Pawn record as of 7/1/20? A B. C. D. $750 $1,042 $1,250 $3,000 7. All but which is considered an adjustment to the "bank" side of a bank reconciliation? A B. C. D. Deposits in transit Bank errors Bank service charges Outstanding checks ABC Company sold merchandise to XYZ Company on 2/27/19 FOB Destination, terms 2/10,n/30. The goods were shipped on 2/28 and received by XYZ on 3/5. ABC Company will record the sale on: A. B. C. D. 2/27 2/28 3/5 ABC can record the sale on any of these dates 9. Frank's Fine Furniture manufactures high quality dining room tables with matching chairs to sell in its showroom in North Carolina. Frank decides to place 5 dining room sets on consignment with Rooms To Go, to test the market in Florida. Which of the following statements is TRUE regarding this transaction? Rooms to Go should make the following entry when the furniture is received: Debit: Inventory and Credit: A/P Frank's Fine Furniture should make the following entry when the furniture is shipped: Debit: A/R and Credit: Sales Assuming periodic inventory system, Frank should record COGS expense when Rooms to Go receives the furniture No entry is required on Frank's books or Room to Go's books when the items are shipped and received by Rooms to Go. C
