Record the following selected transactions for January in a two-column journal, identifying each entry by letter:
(a) Earned $8,000 fees; customer will pay later.
(b) Purchased equipment for $50,000, paying $20,000 in cash and the remainder on credit
(c) Paid $3,000 for rent for January.
(d) Purchased $2,500 of supplies on account.
(e) A. Allen $1,000 investment in the company.
(f) Received $7,000 in cash for fees earned previously.
(g) Paid $1,500 to creditors on account.
(h) Paid wages of $6,250.
(i) Received $7,150 from customers on account.
(j) A. Allen withdrawal of $2,000.

Agustin Industries is a division of a major corporation. Data concerning the most recent year appears below: The division's return on investment (ROI) is closest to:

A) 24.0%
B) 31.62%
C) 3.0%
D) 9.3%

For a company that has A$ as its functional currency, which of the following is not a foreign currency transaction?

A) goods sold at prices denominated in UK pounds
B) equipment sold at prices denominated in Japanese Yen.
C) inventory sold to a customer in Hong Kong who pays in A$.
D) borrowing funds where amounts are payable in NZ$.

When making a decision, a number of often-conflicting criteria representing the interests of different groups must be satisfied.

An debit balance in the direct material price variance account or direct labour price variance accounts would cause the costs of goods sold to

A) increase.
B) decrease.
C) stay the same.
D) have no impact.

What is the purpose of Consolidation Entry A in a consolidation worksheet?

Brandy Corporation's trading portfolio at the end of the year is as follows: $\begin{array}{lrr}\underline{\text{ Security}}& \underline{\text{ Cost}}& \underline{\text{ Fair Value}}\\ \text{ Common Stock C }& \$10,000& \$12,000\\ \text{ Common Stock D }& \underline{8,000}& \underline{5,000}\\ & \underline{\$18,000}& \underline{\$17,000}\end{array}$
Brandy subsequently sells Stock D for $10000. What entry is made to record the sale? a.
$\begin{array}{llr}\text{Cash. }& 10,000& \\ \text{ Stock Investments.}& & 10,000\end{array}$

b.
$\begin{array}{llr}\text{ Cash.}& 10,000& \\ \text{ Fair Value Adjustment-Trading }& & 2,000\\ \text{Stock Investments. }& & 8,000\end{array}$

c.
$\begin{array}{llr}\text{Cash. }& 10,000& \\ \text{ Stock Investments. }& & 8,000\\ \text{ Gain on Sale of Stock Investments }& & 2,000\end{array}$

d.
$\begin{array}{llr}\text{ Cash.}& 10,000& \\ \text{ Stock Investments. }& & 5,000\\ \text{Gain on Sale of Stock Investments }& & 5,000\end{array}$

Haute Dogs Inc. sells a franchise to Ilene's Cuisine, a lunch truck. Ilene's Cuisine is

A) a franchisee.
B) a franchisor.
C) a partner.
D) a principal.