Reference no: EM132490888
Question 1: On June 1, Nicholson Company purchased inventory on account with a cost of $1,600. Credit terms were 2/10, net 30. On June 2, Nicholson Company returned 50 percent of the inventory. Nicholson Company uses the perpetual inventory system. What journal entry did Nicholson Company prepare on June 2?
A) debit Purchase Returns for $1,600 and credit Accounts Payable for $1,600
B) debit Cash for $1,600 and credit Accounts Payable for $1,600
C) debit Purchase Returns for $800 and credit Accounts Payable for $800
D) debit Accounts Payable for $800 and credit Inventory for $800
Question 2: Merck Pharmaceutical Company has many scientists working in their labs trying to develop a new drug to treat congestive heart failure. Following U.S. Generally Accepted Accounting Principles, the cost of this research and development must be:
A) recorded as an intangible asset and not amortized.
B) recorded as an intangible asset and amortized over 20 years.
C) recorded as an intangible asset and tested for impairment on a yearly basis.
D) expensed as incurred.
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