On July 9, Mifflin Company receives an $9,500, 120-day, 6% note from customer Payton Summers to replace an account receivable. What entry should be made by Mifflin on the maturity date assuming the maker pays in full, and no adjusting entries have been made related to the note? [2 points]Note: Use 360 days a year.

Giorgio Italian Market bought $4,800 worth of merchandise from Food Suppliers and signed a 90-day, 8% promissory note for the $4,800. Food Supplier’s journal entry to record the collection on the maturity date is: [2 points]Note: Use 360 days a year.

A company’s inventory records indicate the following data for the month of April:question40.png

The inventory costing method that results in the lowest taxable income in a period of rising costs is:

Salmone Company reported the following purchases and sales for its only product. Salmone uses a perpetual inventory system. Determine the cost assigned to cost of goods sold using LIFO. [3 points]question44.png

A company had the following purchases and sales during its first month of operations:question29.png Using the perpetual weighted average method, what is the value of cost of goods sold? [3 points]Note: Round weighted average costs per unit to 2 decimal places.

On a bank reconciliation, interest earned and received but not yet recorded by the company is:

On January 1, a company purchased a five-year insurance policy for $3,300 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end, the adjusting entry at the end of the first year is: [2 points]

The following information is available from the adjusted trial balance of the Harris Vacation Rental Agency. After closing entries are posted, what will be the balance in the Retained earnings account? [2 points]Total revenues$ 185,000Total expenses88,800Retained earnings118,400Dividends22,200

An adjusting entry that increases a revenue and decreases a liability is known as a(n):