1. Connor Company sells merchandise for $2,000 on account to Market Industries on January 21, at 1/10, n/30, Invoice 190. Market returns $200 of the merchandise on January 23, receiving

1. Connor Company sells merchandise for $2,000 on account to Market Industries on January 21, at 1/10, n/30, Invoice 190. Market returns $200 of the merchandise on January 23, receiving credit memorandum 120 from Connor. amount would Market pay if they submit payment on January 29? $1,980. $1,782. $1,800. $1,780. 2. A financial instrument whose ownership can be transferred to another person or business is best described as: Bonding. Negotiable. A restrictive endorsement. A statement of account. 3. Employees’ payments for federal income taxes withheld and social security and Medicare taxes are periodically sent directly to the Internal Revenue Service. deposited in a special-purpose bank account, controlled by the company, until year-end when the funds are sent to the U.S. Treasury Department. sent to the local office of the Internal Revenue Service. deposited in a government-authorized financial institution. 4. A publishing company publishes a monthly magazine. At the end of the year, the Unearned Subscription Income account had a balance of $150,000. During the year, $100,000 of magazines were delivered and income was earned. After the adjusting entry to recognize income is recorded, the Unearned Subscription Income account will have a debit balance of $50,000. credit balance of $50,000. debit balance of $100,000. credit balance of $250,000.