Heidi’s accessories bought 50 necklaces for $10 each on account. the invoice included a 6% sales tax and payment terms of 2/10, n/30. five necklaces were returned prior to payment. the entry to record the purchase would include a debit to a. accounts payable for $530. b. accounts payable for $500. c. purchases for $530. d. purchases for $500.
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Cooper, cpa, is auditing the financial statements of a small rural municipality. the receivable balances represent residents’ delinquent real estate taxes. internal control at the municipality is weak. to determine the existence of the accounts receivable balances at the balance sheet date, cooper would most likely: cooper, cpa, is auditing the financial statements of a small rural municipality. the receivable balances represent residents’ delinquent real estate taxes. internal control at the municipality is weak. to determine the existence of the accounts receivable balances at the balance sheet date, cooper would most likely:
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Heidi’s accessories bought 50 necklaces for $10 each on account. the invoice included a 6% sales tax...
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