A business sells merchandise, 600, on account with terms of 1/15, ...

[jwb375]

A business sells merchandise, 600, on account with terms of 1/15, n/60 . The customer pays within the discount period. The amount recorded in the Cash Debit column is
 a. 594.00.
   b. 606.00.
   c. 576.00.
   d. 612.00.
   e. 586.56.

Question 2

The municipalities for whom the county collects property taxes paid  5,000 in administrative fees to county to cover collection costs. The county will report
 
  a. revenues of  5,000 in the General Fund.
  b. revenues of  5,000 in the Agency Fund.
  c. additions of  5,000 in the Agency Fund.
  d. other financing sources of  5,000 in the General Fund.
  e. other financing sources of  5,000 in the Agency Fund.

[elyse44]

Answer to Question 1

a

Answer to Question 2

A