Peabody Corp. purchased goods from Jason Company on August 5, 2017. The goods were shipped the same day. The goods selling price was $20,000. The credit terms were 1/10, n/30. The shipping terms were FOB destination. Park received the merchandise on August 10, 2017. Park paid the amount due on August 13, 2017. Who is responsible for payment of the shipping costs on the goods sold by Jason to Peabody? Select one: A. Jason Company B. Peabody Corp. C. Split equally between the two companies D. Cannot be determined from the information provided William Inc. purchased supplies at a cost of $8,000 during the year. At January 1, supplies on hand are $1,400. Supplies expense for the year was $5,100. How much were supplies on hand at December 31? Select one: A. $1,500 B. $4,300 C. $1,400 D. $5,100 which of the following is the attribute used to measure many assets that are recognized on a balance sheet, because it is more objective and verifiable? Select one: A. Market value B. Historical cost C. Liquidation value D. Current replacement cost Benjamin Corp. offers terms of 2/10, 1/30 to credit customers. Gibson Inc. purchased 100 units with a list price of $30 each on March 5, 2017, on account. If Gibson Inc. pays the amount of the invoice for its purchase on March 14, 2017, how much cash will Benjamin receive from Gibson Inc.? Select one: A. $60 B. $2,500 C. $3,000 D. $2,940 Which of the following is correct reconciliation for Bank Service Charge? Select one: A. added to the company's book balance. B. deducted from the company's book balance. C. added to the bank statement balance. D. deducted from the bank statement balance. Please identify an account that will be subtracted from trte Balance per Bank at reconciliation Select one: A. Outstanding checks B. Deposit in transit C. Service charge assessed by the bank D. Interest collected by the bank on a customer note Ashley uses a periodic inventory system and has the following data for the month of March: March 01, Inventory on hand, 10 units @ $2 each; March 19, Purchased 60 units @ $3 each; March 30, Inventory on hand, 30 units. If Ashley uses the LIFO method, how much is cost of goods sold for March? Select one: A. $80 B. $110 C. $120 D. $90 Joseph was preparing a bank reconciliation as of December 28, 2017. The following items were identified: Joseph's book balance $15,000, Outstanding Checks $2,500, Deposit in transit, $1,000, Bank service charge $100, Customer's NSF check returned by the bank $200. What amount will Joseph report as its adjusted cash balance at December 28, 2017? Select one: A. $18,200 B. $13,700 C. $16,200 D. $14,700 Which of the following is Deposits made by a company but not yet reflected on a bank statement Select one: A. debit memoranda. B. deposits in transit. C. credit memoranda. D. none of these are correct. o Fink Auto sold merchandise to a customer for $3,000 on credit on March 10. The customer paid Fink Auto the amount due on March 31. Under the accrual basis of accounting, which of the following statements is true? 1 Select one: A. Fox Auto will recognize the revenue on March 31. B. The March 10 transaction increases revenue, but has no effect on assets because cash has not been received. C. Revenue is recognized after the cost of the merchandise sold has been paid by Fox Auto. D. The March 31 transaction has no effect on total assets under the accrual basis. Which accounting basis states revenues and expenses recognized in the same accounting period that cash receipts and payments occur? Select one: A. Under the cash basis of accounting B. Under the accrual basis of accounting C. Under the adjusting method of accounting D. Under both the cash and accrual basis of accounting Grayson uses a periodic inventory system and records the following information for the month of May: May 01, Inventory on hand, 10 units @ $2 each; May 19, Purchased 60 units @ $3 each; May 30, Inventory on hand, 30 units. If Grayson uses the FIFO method, how much is cost of goods sold for May? Select one: A. $80 B. $110 C. $120 D. $90 Romana uses a periodic inventory system and has the following data for the month of March: March 01, Inventory on hand, 10 units @ $2 each; March 19, Purchased 60 units @ $3 each; March 30, Inventory on hand, 30 units. If Romana uses the LIFO method, how much is the Ending Inventory for March? Select one: A. $80 B. $110 C. $120 D. $90 Please identify an account that will be added to the Balance per Bank at reconciliation Select one: A. Outstanding checks B. Deposit in transit C. Service charge assessed by the bank D. Interest collected by the bank on a customer note Which of the following statement is correct regarding "Revenue is recognized at the point of sale" Select one: A. Revenue is recorded in the accounting records when the goods are received from a supplier and reported on the income statement when sold to the customer. B. Revenue is recorded in the accounting records and reported on the income statement when the cash is received from the customer. C. Revenue is recorded in the accounting records when the goods are sold to a customer and reported on the income statement when the cash payment is received from the customer. D. Revenue is recorded in the accounting records and reported on the income statement when goods are sold and delivered to a customer