performed to show that the insurance accounts are up to date ? (Accounts and Amounts) DR CR 6. XYZ Company bought supplies on October 1, 10, 20, and 30 in the amounts of $400, $750, $250, and $500 respectively. When the manager performed an inventory on October 31, she determined that XYZ Company had $175 worth of supplies on hand. What adjusting entry need to be performed in order to update the use of supplies for the month? DR CR 7. "SERVICE" businesses and "MERCHANDISING" have the same Income Statement "FORMAT." TRUE FALSE 8. In a "Merchandising "business, SALES MINUS COST OF GOODS SOLD EQUALS 9. On December 1, 2021, ABC Company purchased merchandise for re-sale with terms of 2/10; n/30. The invoice total was $5,000. If the invoice is paid on December 15, what journal entry needs to be recorded ? (Accounts and Amounts) DR CR 10. If ABC Company decides to pay the invoice on December 5, 2021, What is the journal entry to record this payment? DR CR 11. If the Freight Terms are FOB-Shipping Point, the SELLER pays the freight cost. TRUE FALSE 12. If the Freight Terms are FOB-Destination, the Title (Ownership) passes to the buyer at the BUYERS's loading dock. TRUE FALSE