. The collection of a $1,000 account beyond the 2 percent discount period would result in a t to Sales Discounts for $20 redit to Accounts Receivable Review point: Time value of money & Debit and credit account 2 Which of the following accounts would not appear as an asset on a manufacturer's balance sheet? inished Goods Review point: Balance sheet and then review on other ways to record account (Trial balance, Journal entry, T-account) s Cost of goods sold equals S500,000, and average inventory equals S200,000. Days' inventory on hand equals Review point: Inventory turnover (a formula) 4 Use this inventory information for the month of June to answer the following question. Assuming that a periodic inventory system is used, what is cost of goods sold on a LIFO basis? Review point: Three assumptions (FIFO, LIFO, Weighted average) s Cash consists of all of the following except balances ceders from Review point: Cash flow 6 A truck that cost S12,000 and on which S9,000 of accumulated depreciation has been recorded was disposed of on January 1 Assume that the truck was disposed of for $2,000 cash. The entry