When a deferred revenue has been recorded during the period, the adjusting entry at the end of the period includes recognizing a revenue and adjusting the balance of an asset account.
Answer the following statement true (T) or false (F)
False
The adjusting entry includes recognizing a revenue and adjusting the balance of a liability account.
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If the discount (or interest) rate is positive, the future value of an expected series of payments will always exceed the present value of the same series.
Answer the following statement true (T) or false (F)
Park, Inc purchased merchandise from Jay Zee Music Company on June 5, 2015 . The goods were shipped the same day. The merchandise's selling price was $15,000 . The credit terms were 1/10, n/30 . The shipping terms were FOB shipping point. Park received the merchandise on June 10, 2015 . Park paid the amount due on June 13, 2015. Who is responsible for payment of the transportation costs on the
merchandise sold by Jay Zee Music to Park? a. Jay Zee Music Company b. Park, Inc. c. Split equally between the two companies d. Cannot be determined from the information provided
A(n) ________ is an original creditor who becomes a beneficiary under the debtor's new contract with another party
A) donee beneficiary B) creditor beneficiary C) incidental creditor D) subsequent assignee
Which of the following is NOT one of the main purposes of communication?
A. To inquire or to inform B. To persuade C. To demonstrate extensive vocabulary D. To develop goodwill