On May 1, Anders Company purchased merchandise in the amount of $5,800 from Shilling, with credit terms of 2/10, n/30. Anders uses the perpetual inventory system and the gross method. The journal entry or entries that Anders will make on May 1 is:

Cash, not including cash equivalents, includes:

Cash registers, time clocks, and personal identification scanners are examples of technologies that can improve internal control.

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

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.

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:

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.