quiz 3 - 1 Question , $8,000withcreditterms2/10,n/30...

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 1. Question : On November 10 of the current year, Cherokee Industries sold  materials to a customer for $8,000 with credit terms 2/10, n/30.  Cherokee uses the net method of accounting for cash discounts.  What entry would Cherokee make on November 10?   Student Answer:  Accounts receivable 7,840 Sales 7,840    Accounts receivable 8,000 Sales 8,000    Accounts receivable 7,840 Cash discounts 160 Sales 8,000    Accounts receivable 8,000 Cash discounts 160 Sales 7,840   Points Received: 1 of 1   Comments: Question 2. Question : Cash that is restricted and not available for current operations is  reported in the balance sheet as:   Student Answer:  Equity.    Investments and funds.    Liabilities.    A separate section between liabilities and equity.   Points Received: 1 of 1   Comments:
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Question 3. Question : Which of the following must be known to compute the interest rate paid  from financing an asset purchase with an annuity?
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  • Fall '10
  • HARDINRUIZHEN
  • Student Answer, Leann, Cherokee Industries

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