"To be the happiest place on earth" (Disney) exemplifies which of the following?
A. vision statements
B. operational objectives
C. mission statements
D. strategic objectives
Answer: A
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During the first year of operations, employees earned vacation pay of $35,000 . The vacations will be taken duringthe second year. The vacation pay expense should be recorded in the second year as the vacations are taken bythe employees
a. True b. False Indicate whether the statement is true or false
Assume a company uses the periodic inventory system and has a beginning merchandise inventory balance of $5,000, purchases of $75,000, and sales of $125,000 . The company closes its records once a year on December 31 . In the accounting records, the merchandise inventory account would be expected to have a balance on December 31 prior to adjusting and closing entries that was
a. indeterminate. b. less than $5,000. c. more than $5,000. d. equal to $5,000.
When a business sells a plant asset for book value, a gain or loss should be recorded
Indicate whether the statement is true or false
MacKenzie Company sold $340 of merchandise to a customer who used a Regional Bank credit card. Regional Bank deducts a 2.5% service charge for sales on its credit cards and credits MacKenzie's account immediately when sales are made. The journal entry to record this sale transaction would be:
A. Debit Cash $331.50 and credit Sales $331.50. B. Debit Accounts Receivable $340 and credit Sales $340. C. Debit Cash of $340 and credit Accounts Receivable $340. D. Debit Cash of $340 and credit Sales $340. E. Debit Cash $331.50; debit Credit Card Expense $8.50 and credit Sales $340.