The acid-test ratio is also called the quick ratio.

Mullis Company sold merchandise on account to a customer for $625, terms n/30. The journal entry to record the collection on account would be:

A company borrowed $10,000 by signing a six-month promissory note at 5% interest. The amount of interest to be paid at maturity is $25.

Sales discounts has a normal debit balance because it decreases Sales, which has a normal credit balance.

Cash, not including cash equivalents, includes:

Meng Co. maintains a $300 petty cash fund. On January 31, the fund is replenished. The accumulated receipts on that date represent $80 for office supplies, $160 for merchandise inventory, and $20 for miscellaneous expenses. There is a cash shortage of $8. Based on this information, the amount of cash in the fund before the replenishment is:

In a periodic inventory system, cost of goods sold is recorded as each sale occurs.

The acid-test ratio is also called the quick ratio.

Internal control policies and procedures have limitations not including:

A company borrowed $10,000 by signing a six-month promissory note at 5% interest. The amount of interest to be paid at maturity is $25.