An attorney practices law in a state that has experienced a business recession and where several banks have failed and others are severely pressed to preserve their solvency. attorney maintains a clients' trust account in bank and that account is insured by the federal deposit insurance corporation against losses up to $100,000. attorney also maintains his regular office account in the same bank and that account is insured to $100,000. during a particularly busy time, attorney's bookkeeper told attorney that the balance in the clients' trust account had increased to $150,000. the bookkeeper noted that the office account had a balance of $30,000. which of the following courses of action by attorney would be proper? i. leave the clients' trust account as is if the balance is likely to decrease to less than $100,000 within the next ten days. ii. open another clients' trust account in another bank and transfer some funds to the second clients' trust account to maintain a fully insured balance in both accounts. iii. temporarily transfer $50,000 from the clients' trust account to the office account so the balance in both accounts is fully within insured limits.
a) i only
b) ii and/ii, but not i
c) ii only
d) i and ii, but not iii

Alpha company uses the periodic inventory system for purchase & sales of merchandise. discount terms for both purchases & sales are, 2/10, n30 and the gross method is used. unless otherwise noted, fob destination will apply to all purchases & sales. the value of inventory is based on periodic system. on january 1, 2016, beginning inventory consisted of 350 units of widgets costing $10 each. alpha prepares monthly income statements. the following events occurred during the month of jan.: dateactivitya.jan. 3purchased on account 350 widgets for $11 each.b.jan. 5sold on account 400 widgets for $30 each. paid freight out with petty cash of $150.c.jan. 10purchased on account 625 widgets for $12 each.d.jan. 11shipping cost for the january 10 purchased merchandise was $400 was paid with a cheque by alpha directly to the freight company.e.jan. 12returned 50 widgets received from jan. 10 purchase as they were not the correct item ordered.f.jan. 13paid for the purchases made on jan. 3.g.jan. 21sold on account 550 widgets for $30 each. paid freight out with petty cash of $250.h.jan. 22authorize credit without return of goods for 50 widgets sold on jan. 21 when customer advised that they were received in defective condition.i.jan. 25received payment for the sale made on jan. 5.j.jan. 26paid for the purchases made on jan. 10.k.jan. 31received payment for the sale made on jan. 21.use this information to prepare the general journal entries (without explanation) for the january events. if no entry is required then enter the date and write "no entry required."