Maitland, Inc. has a $200 petty cash fund. At the end of the first month the accumulated receipts represent $43 for delivery expenses, $127 for merchandise inventory, and $12 for miscellaneous expenses. The fund has a balance of $18. The journal entry to record the reimbursement of the account includes a:

An exchange of value between two entities that yields a change in the accounting equation is called:

Chillee’s accepts all major bank credit cards, including Fourth Savings Bank’s, which assesses a 2.5% charge on sales for using its card. On May 26, Chillee’s had $4,800 in Fourth Savings Bank Card credit sales. What entry should Chillee’s make on May 26 to record the deposit?

Rushing had income of $150 million and average invested assets of $1,800 million. Its return on assets is:

Tallahassee Recording Studio purchased $7,800 in electronic components from Music Unlimited. Tallahassee signed a 60-day, 8% promissory note for $7,800. Music Unlimited’s journal entry to record the collection on the maturity date is:

If insurance coverage for the next two years is paid for in advance, the amount of the payment is debited to an asset account called Prepaid Insurance.

Buster’s Meats bought $4,000 worth of merchandise from Chainey Brothers and signed a 90-day, 6% promissory note for the $4,000. Chainey Brothers’s journal entry to record the collection on the maturity date is: (Use 360 days a year.)

Dental Supply accepted a $4,800, 90-day, 10% note from Peterson Dental on October 17. What entry should Dental Supply make on January 15 of the next year when the note is paid? (Assume reversing entries are not made.) (Use 360 days a year.)

On July 1, a company paid the $2,400 premium on a one-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the first year ended December 31?

Stanford reported net sales of $8,600 million, net income of $126 million and average accounts receivable of $890 million. Its accounts receivable turnover is: