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Indicate whether the following are TRUE or FALSE. _____. Sales Discounts is added to the Sales...

Indicate whether the following are TRUE or FALSE.

_____.

Sales Discounts is added to the Sales account when computing a company's net sales.

_____.

If goods are shipped FOB destination, the seller records revenue from the sale when the goods arrive at their destination when the transaction is complete.

_____

Plant assets are reported on a balance sheet at their adjusted fair market value through depreciation.

.

_____

Canceled checks are checks the bank has paid and deducted from the customer's account during the period.
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Answer #1

Solution:

FALSE

Sales Discounts is added to the Sales account when computing a company's net sales.

TRUE

If goods are shipped FOB destination, the seller records revenue from the sale when the goods arrive at their destination when the transaction is complete.

FALSE

Plant assets are reported on a balance sheet at their adjusted fair market value through depreciation.

.

TRUE

Canceled checks are checks the bank has paid and deducted from the customer's account during the period
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