Rotel Purchased Merchandise from TechCom on October 17,2014

question 81

Multiple Choice

Rotel purchased merchandise from TechCom on October 17,2014.TechCom accepted Rotel's $4,800,90-day,10% note as payment.TechCom has a December 31^st year end.What entry should TechCom make on January 15,2015 when the note is honoured?

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Definitions:

Competitively Organized Industry

An industry structure where numerous firms compete with each other to sell similar but not identical products.

Collusively

In a manner where firms in an industry work together secretly to set prices or otherwise manipulate market conditions to their advantage.

ATC Schedule

A tabulation of average total costs at different levels of output, showing how costs vary with changes in output.

Demand Schedule

A demand schedule is a table that shows the quantity of goods or services demanded at different price levels.