Homework Clinic
Social Science Clinic => Accounting => Topic started by: jayhills49 on Jul 5, 2018
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On May 27, Ace Electronics ordered merchandise from Elmo Company. Elmo shipped the merchandise to Ace on May 31, FOB destination. The merchandise arrived at Ace's warehouse on June 2. Ace paid for the merchandise on July 1.
When should Ace record the purchase?
A) May 27
B) May 31
C) June 2
D) July 1
Question 2
A control that involves reprocessing transactions that are rejected during initial processing is an example of:
a. preventive controls
b. detective controls
c. corrective controls
d. programmed controls
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Answer to Question 1
C
Answer to Question 2
C