Use the Following Information for Questions

question 77

Multiple Choice

Use the following information for questions.
Ryerson Corp.records purchases at net amounts.On May 5, Ryerson purchased merchandise on account costing $6,000 (gross) , terms 2/10, n/30.Ryerson returned $400 of the May 5 purchase and received credit on account.At May 31 the balance had not been paid.
-By how much should the account payable be adjusted on May 31?

• A)$0
• B)$112
• C)$120
• D)$592

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Definitions:

International Expansion

The process by which a company extends its business operations into new markets abroad.

Sequential

Pertaining to or following a logical order or a sequence.

Escalation Of Commitment

A pattern where individuals continue to invest in a decision despite evidence of its ineffectiveness or mistakes.

Dollar Cost Averaging

An investment strategy where a fixed dollar amount of a particular investment is purchased on a regular schedule, regardless of the investment's price.