The Pet Store experienced the following events for the Year 1 accounting period: Acquired $75,000 cash from the issue of common stock.
Purchased $74,000 of inventory on account.
Received goods purchased in Event 2 FOB shipping point; freight cost of $1,700 paid in cash.
Sold inventory on account that cost $45,000 for $85,000.
Freight cost on the goods sold in Event 4 was $940.
The goods were shipped FOB destination.
Cash was paid for the freight cost.
Customer in Event 4 returned $4,920 worth of goods that had a cost of $2,510.
Collected $69,700 cash from accounts receivable.
Paid $66,200 cash on accounts payable.
Paid $2,950 for advertising expense.
Paid $3,590 cash for insurance expense.
Required Which of these events affect period (selling and administrative) costs?

When an interest-bearing note comes due and is uncollectible, the journal entry includes debitingaccounts receivable and crediting notes receivable and interest revenue.accounts receivable and crediting interest revenue.notes receivable and crediting accounts receivable and interest revenue.notes receivable and crediting accounts receivable.

Marta communications, inc. has provided incomplete financial statements for the month ended march 31. the controller has asked you to calculate the missing amounts in the incomplete financial statements. use the information included in the excel simulation and the excel functions described below to complete the task

The mccolls have made an offer on a new home. the home is new construction and scheduled to be completed by the end of the year. they provide a purchase deposit--a check in the amount of $40,000--to their agent, suzette. suzette, at the broker's direction, deposits the earnest money in the broker's trust fund account within two business days of receipt of the funds. did suzette follow the proper procedures? a. no, the check should not have been cashed. if a check is used as an earnest money deposit, it is to be held until acceptance of the offer. the seller must also be informed the buyer's check is being held and not negotiated.b. yes, suzette deposited the earnest money in the broker's trust fund account as directed. she also deposited the check within three business days of receipt. unless there were written instructions to hold the check until acceptance of the offer, the check may be cashed.c. no, suzette needed to deposit the earnest money in the broker's trust fund account within two days of receipt, not necessarily two business days.d. both a and c