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Micdrop Inc. recorded the receipt from cash sales of $4,800 as $8,400. This error is adjusted on the bank reconciliation as a(n) ____.

The two methods of accounting for uncollectible receivables are the ____.

Accompanying the bank statement was a debit memorandum for bank service charges. What adjustment is required in the depositor’s accounts?

A written promise to pay a sum of money on demand or at a definite time is called a ____.

Which of the following businesses would be categorized as a retail business?

When merchandise sold is assumed to be in the order in which the expenditures were made, the inventory costing method is called ____.

The following data is available for an item of J&M Inc. for the month of April: Date Line Item Description Unit cost April    1 Inventory 15 units at $10 each April  15 Purchase 30 units at $18 each April  30 Purchase 20 units at $15 each June 30 Sale 25 units Using the last-in, first-out method, what is J&M Inc.’s cost of ending inventory for April?

A sales invoice included the following information: merchandise price, $8,500; terms n/eom. Assuming that a credit for merchandise returned of $1,000 is granted prior to payment and that the invoice is paid within the credit period, the effects of the payment on the accounts and financial statements include _____.

The difference between sales and cost of goods sold for a retail business is _____.

Accompanying the bank statement was a credit memorandum for a short-term note collected by the bank for the depositor. This item would be included on the bank reconciliation as a(n) ____.