C
confused
Guest
1. Other income and expenses are items that are not related to the primary operating activity.
2. Under the perpetual inventory system, when a sale is made, both the retail and cost values are recorded.
3. Under the perpetual inventory system, a company purchases merchandise on terms 2/10, n/30. If payment is made within 10 days of the purchase, the entry to record the payment will include a credit to Cash and a credit to Purchase Discounts.
4. If the ownership of merchandise passes to the buyer when the seller delivers the merchandise for shipment, the terms are stated as FOB destination.
5. Comparing the merchandise entries for the seller and the buyer, the seller is required to record more entries for the same transactions than the buyer.
2. Under the perpetual inventory system, when a sale is made, both the retail and cost values are recorded.
3. Under the perpetual inventory system, a company purchases merchandise on terms 2/10, n/30. If payment is made within 10 days of the purchase, the entry to record the payment will include a credit to Cash and a credit to Purchase Discounts.
4. If the ownership of merchandise passes to the buyer when the seller delivers the merchandise for shipment, the terms are stated as FOB destination.
5. Comparing the merchandise entries for the seller and the buyer, the seller is required to record more entries for the same transactions than the buyer.