If there is no cash involved in a business transaction, the transaction should be recorded in ________.
A) either the cash receipts journal or general journal
B) either the sales journal or purchases journal
C) the general journal only
D) sales journal, purchases journal, or general journal
D) sales journal, purchases journal, or general journal
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The process of adjusting the bond interest expense account for any premium or discount is called ____________________
Fill in the blank(s) with correct word
Which of the following is best described as a market-oriented business definition?
A) Missouri-Pacific Railroad: We run a railroad. B) Xerox: We make copying equipment. C) Standard Oil: We sell gasoline. D) Encyclopedia Britannica: We distribute information. E) Columbia Pictures: We make movies.
Shareholders of Forest Glen Corporation have received $35,000 in dividends in the current year. At year end the corporation has total assets of $500,000, total liabilities equal to $300,000, and contributed capital totaling $100,000 . If retained earnings at the beginning of the year was $80,000, what was Forest Glen's net income for the current year?
a. $80,000 b. $215,000 c. $55,000 d. $10,000 e. $45,000
The expectations theory postulates that the term structure of interest rates is based on expectations regarding future inflation rates.
Answer the following statement true (T) or false (F)