Dominic Company borrowed $26,000 by signing a 180-day promissory note at 6%. The total to be paid at maturity of the note is:

The matching principle, as applied to bad debts, requires:

The matching principle, as applied to bad debts, requires:

Mueller Company purchased $2,200 of merchandise on July 5 with terms 2/10, n/30. On July 7, it returned $400 worth of merchandise. On July 12, it paid the full amount due. Assuming Mueller uses a perpetual inventory system, the correct journal entry to record the payment on July 12 is:

If goods are shipped FOB destination, the seller records revenue from the sale when the goods leave the factory.

Tran Company reported the following purchases and sales of its only product. Tran uses a periodic inventory system. Determine the cost assigned to cost of goods sold using LIFO.   Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 180 units @ $13   May 5 Purchase 235 units @ $15   May 10 Sales   155 units @ $23 May 15 Purchase 115 units @ $16   May 24 Sales   105 units @ $24

Regarding warranties, companies should:

Massey Company’s property records revealed the following information about its plant assets:   Machine number Cost Salvage Value Purchase Date Estimated Life Depreciation Method A $ 82,000 $ 8,000 January 1 4 years Straight-line B 46,000 3,600 July 1 5 years Double-declining balance   Calculate the following: -Depreciation expense on Machine A in Year 1: -Net book value of Machine A at the End of Year 2: -Net book value of Machine B at the End of Year 1: -Accumulated Depreciation on Machine B at the end of Year 2:

On April 12, Franklin Company agrees to accept a 60-day, 10%, $9,000 note from Carpenter Company to extend the due date on an overdue account. What is the journal entry that Carpenter Company would make when it records payment of the note on the maturity date? Note: Use 360 days a year.

Tran Company reported the following purchases and sales of its only product. Tran uses a periodic inventory system. Determine the cost assigned to cost of goods sold using LIFO.   Date Activities Units Acquired at Cost Units Sold at Retail May 1 Beginning Inventory 180 units @ $13   May 5 Purchase 235 units @ $15   May 10 Sales   155 units @ $23 May 15 Purchase 115 units @ $16   May 24 Sales   105 units @ $24