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The terms 2/10, n/30 state that a 2% discount is available if the invoice is paid within the first 30 days of the purchase. T/F
When purchasing land, the cost for clearing, draining, filling, and grading should be charged to a Land Improvements account. T/F
When purchasing equipment, sales taxes and installation and testing costs should be charged to equipment. T/F
An aging of accounts receivable schedule is based on the premise that the longer the period an account remains unpaid, the greater the probability that it will eventually be collected. T/F
The cost of a patent should be amortized over its legal life or useful life, whichever is shorter.
Hicks Company purchased merchandise from Beyer Company with freight terms of FOB shipping point. the freight cost will be paid by the?
Journal Entries are required after bank reconciliation for all of the following except: collection of a note recievable, bank errors, bank service charges, an NSF check.
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