Paoli Pizza Bought $5,000 Worth of Merchandise from TechCom and Signed

question 55

Multiple Choice

Paoli Pizza bought $5,000 worth of merchandise from TechCom and signed a 90-day,10% promissory note for the $5,000.TechCom's journal entry to record the sales portion of the transaction is:

• A) \(\begin{array}{|l|r|r|}
• \hline \text { Accounts Receivable } & 5,000 & \\
• \hline \text { Sales } & & 5,000 \\
• \hline
• \end{array}\)
• B) \[\begin{array} { | c | r | r | }
• \hline \text { Notes Receivable } & 5,000 & \\
• \hline \text { Sales } & & 5,000 \\
• \hline
• \end{array}\]
• C) \[\begin{array} { | l | r | r | }
• \hline \text { Accounts Receivable } & 5,125 & \\
• \hline \text { Sales } & & 5,125 \\
• \hline
• \end{array}\]
• D) \[\begin{array} { | l | r | r | }
• \hline \text { Notes Receivable } & 5,125 & \\
• \hline \text { Sales } & & 5,125 \\
• \hline
• \end{array}\]
• E) \[\begin{array} { | l | r | r | }
• \hline \text { Notes Receivable } & 5,000 & \\
• \hline \text { Interest Receivable } & 125 & \\
• \hline \text { Sales } & & 5,125 \\
• \hline
• \end{array}\]

Understand the contents and importance of collective bargaining agreements.

Distinguish between national unions, their functions, and roles within the union hierarchy.

Identify the primary sectors where union membership is most prevalent.

Know the legislative framework governing unions and their activities.

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Definitions:

Tax Depreciation

The allocation of an asset's cost over its useful life for the purposes of tax deductions, according to IRS rules and schedules.

Book Depreciation

The method of calculating the depreciation of an asset for record-keeping and tax purposes.

Tax Rate

The rate at which a person or company's earnings are taxed.

Municipal Bond Interest

The interest income received from bonds issued by local or state governments, often exempt from federal income tax and sometimes from state and local taxes.