On September 1, the balance of the Accounts Receivable control account in the general ledger of Montgomery Company was $10,960. The customers’ subsidiary ledger contained account balances as follows: Hurley $1,440, Andino $2,640, Fowler $2,060, and Sogard $4,820. At the end of September, the various journals contained the following information.
Sales journal:

Sales to Sogard $800, to Hurley $1,260, to Giambi $1,330, and to Fowler $1,600.
Cash receipts journal:
Cash received from Fowler $1,310, from Sogard $3,300, from Giambi $380, from Andino $1,800, and from Hurley $1,240.
General journal:

An allowance is granted to Sogard $220.
Exercise 7-3 (Part Level Submission) On September

Exercise 7-3 (Part Level Submission) On September
Collapse question part

(a) Set up control and subsidiary accounts and enter the beginning balances.

Which of the following statements is true regarding the definition of a fund? a fund is a fiscal entity which is designed to provide reporting that demonstrates conformance with finance-related legal and contractual provisions separately from gaap reporting. a fund exists to assist in carrying on activities and attaining objectives where there are no specific rules or restrictions. a fund is an accounting entity which is designed to enable reporting in conformity with gaap without being restricted by legal or contractual provisions. a fund is a mechanism developed to provide accounting for revenues and expenditures that are subject to certain restrictions separate from revenues and expenditures that are not subject to restrictions.

Consider how health insurance affects the quantity of health care services performed. suppose that the typical medical procedure has a cost of $160, yet a person with health insurance pays only $40 out of pocket. her insurance company pays the remaining $120. (the insurance company recoups the $120 through premiums, but the premium a person pays does not depend on how many procedures that person chooses to undergo.) consider the following demand curve in the market for medical care. use the black point (plus symbol) to indicate the quantity of procedures demanded if each procedure has a price of $160. then use the grey point (star symbol) to indicate the quantity of procedures demanded if each procedure has a price of $40. q d at p=$160 q d at p=$40 0 10 20 30 40 50 60 70 80 90 100 200 180 160 140 120 100 80 60 40 20 0 price of medical procedures quantity of medical procedures demand if the cost of each procedure to society is truly $160, the quantity that maximizes total surplus is procedures. economists often blame the health insurance system for excessive use of medical care. given your analysis, the use of care might be viewed as excessive because consumers get procedures whose value is than the cost of producing them.

Sonic corp. manufactures ski and snowboarding equipment. it has estimated that this year there will be substantial growth in its sales during the winter months. it approaches the bank for credit. what is the purpose of such credit known as? a. expansion b. inventory building c. debt management d. emergency maintenance