Riggs Distributing Company had the following transactions with Arlington, Inc., during the month of November: Nov. 10 Ryan sold $8,000 worth of merchandise with a cost of $4,500 to Arlington, with terms of 1/10, n/30
12 Arlington, Inc. paid freight charges on the shipment from Ryan Company $450
14 Ryan received $600 of merchandise returned, cost of $340 from Arlington from the November 10 sale.
19 Ryan received full payment for the net amount due on the November 10 sale.
20 Arlington, Inc. returned goods that had been billed originally at $400 cost of $280 Ryan issued a check for $396

Required:
Prepare the necessary journal entries.

Suzanna decided not to pay federal income tax, saying that paying federal income tax is optional. describe two possible consequences of suzanna’s decision

Choose the best term for each definitionexpense, liability, monetary asset, statement of financial position, tangible asset, net worth, market value, investment asset, income, assetitems of monetary value a person or household ownsmoney spentmoney receivedfinancial assets purchased with the hope that they will generate income and appreciate in value to make it possible to sell at a higher price in the futurea debt or obligation owed to othersthe amount you could realistically sell an asset forassets that can be quickly and easily converted into casha measure of financial wealth and indicates the monetary value of all possessions that a person or household owns, minus the total amounts owed to othersa financial statement that describes an individual or family's financial condition on a specified date by showing assets, liabilities, and net worthpersonal property that was purchased to create a lifestyle or improve your life

At the end of the week, carla receives her paycheck and goes directly to the bank after work to make a deposit into her savings account. the bank keeps the required reserve and then loans out the remaining balance to a qualified borrower named malik as a portion of his small business loan. malik uses the loan to buy a tractor for his construction business and makes small monthly payments to the bank to payback the principal balance plus interest on the loan. the bank profits from a portion of the interest payment received and also passes some of the interest back to carla in the form of an interest payment to her savings account. in this example, the bank is acting