Which of the following is the correct reversing entry?
A) Depreciation Expense 1,550Accumulated Depreciation 1,550
B) Interest Revenue 2,350Interest Receivable 2,350
C) Salary Expense 1,980Salary Payable 1,980
D) Income Tax Expense 2,500Income Tax Payable 2,500
B
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In recent years, the trend in warehousing has been ______.
A. to have fewer but more centralized warehouses B. to have a greater number of warehouses that are more decentralized C. to have a greater number of warehouses that are more centralized D. to have fewer but more decentralized warehouses
Ryan, a minor, contracted to sell his auto to Ed, a 28-year-old. Ryan later refused to complete the sale. If Ed sues to enforce the contract, Ed will:
a. win because Ryan was the seller. b. win because minors can only avoid contracts for the sale of land. c. lose, as the contract is void. d. lose, because the contract is voidable by Ryan.
A large film production company merges with a popular sound processing studio, resulting in the formation of a new company out of the two previously independent firms. This is most likely an example of a _____.
A. market extension merger B. conglomerate merger C. vertical merger D. horizontal merger
Group insurance is available to company employees only
Indicate whether the statement is true or false