The Median Cost of a New Single-Family Dwelling in 2003

question 6

Multiple Choice

The median cost of a new single-family dwelling in 2003 was

• A) $87,000
• B) $97,000
• C) $107,000
• D) $197,600

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Definitions:

Journalize

The act of recording business transactions in the chronological accounting record known as the journal.

Terms 2/10, N/30

A payment term indicating that a buyer can take a 2% discount on the invoice amount if the payment is made within 10 days; otherwise, the full invoice amount must be paid within 30 days.

Perpetual Inventory Method

The perpetual inventory method is a system of accounting for inventory that continuously updates the quantity and value of inventory items after every transaction.

Journalize

The act of recording transactions in the accounting journals as part of the bookkeeping process.