ACC 304 Course Great Wisdom / tutorialrank.com ACC 304 Course Great Wisdom / tutorialrank.com | Page 28

14) Greeson Corp. signed a three-month, zero-interest-bearing
note on November 1, 2014 for the purchase of $250,000 of
inventory. The face value of the note was $253,900. Greeson
used a "Discount on Note Payable" account to initially record
the note. Assuming that the discount will be amortized equally
over the 3-month period and that there was no adjusting entry
made for November, the adjusting entry made at December 31,
2012 will include a

15) Presented below is information available for Marley
Company.

Current Assets

Cash

$

4,000

Short-term investments

Accounts receivable

Inventories

65,000

61,000

110,000