Lemming makes an $18,750, 120-day, 8% cash loan to Notions Co. on November 1. Lemming’s end-of-period adjusting entry on December 31 should be:

A company had sales of $350,000 and cost of goods sold of $200,000. Its gross profit equals $150,000.

A bank does not issue a debit memorandum to notify the depositor of which of the following?

Clearly establishing responsibilities and assigning all accounting activities to one person is an important principle of internal control.

The internal document prepared to notify the appropriate persons that goods ordered have been received, describing the quantities and condition of the goods is the:

A company’s quick assets are $147,000 and its current liabilities are $143,000. This company’s acid-test ratio is 1.03.

Jervis sells $75,000 of its accounts receivable to Northern Bank in order to obtain necessary cash. Northern Bank charges a 5% factoring fee. What entry should Jervis make to record the transaction?

  More spending by the government would move us from which point to which point?  

If consumption is $340 and saving is $20, then disposable income

Keynesian economic policies suggest governments stimulate economic growth using various mechanisms. Which of the following is not one he suggested for stimulating the economy?