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Peter Corp. purchased goods from John Company on April 5, 2017. The goods were shipped the same day. The goods selling price was $25,000. The
Peter Corp. purchased goods from John Company on April 5, 2017. The goods were shipped the same day. The goods selling price was $25,000. The credit terms were 1/10,n/30. The shipping terms were FOB shipping point. Park received the merchandise on April 10, 2017 Park paid the amount due on April 13, 2017. Who is responsible for payment of the shipping costs on the goods sold by John to Peter? Select one: A. John Company B. Peter Corp. C. Split equally between the two companies D. Cannot be determined from the information provided Please identify an example of an accrued liability from the following accounts? Select one: A. Wages have been earned by employees, but have not been paid at the end of the period. B. Equipment that will benefit several periods has been purchased. C. An insurance policy that expires in a future period has been acquired. D. Supplies are purchased and used over several months. Please identify an account that would be added to the balance per books at a bank 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
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