A note that the maker does not pay at maturity is called a dishonored note.
Answer the following statement true (T) or false (F)
True
You might also like to view...
Use the five transactions for Hennigan Company described below to answer the question(s) that follow(s). Dec 1 Hennigan purchases two new saws on credit at $375 each. The saws are added to Hennigan's rental inventory. Payment is due in 30 days. 8 Hennigan accepts advance deposits for tool Company of $75. 15 Hennigan receives a bill from Farmer's Electric Company for $150 . Payment is due in 30
days. 20 Customers are charged $750 by Hennigan for tool Company. Payment is due from the customers in 30 days. 31 Hennigan receives $500 in payments from the customers that were billed for Company on December 20. Refer to the transactions for Hennigan Rentals. Based on the October 15 transaction, Farmer's Electric will record which of the following in its accounting records? a. a credit in Accounts Payable for $150. b. a credit in Accounts Receivable for $150. c. a debit in Accounts Payable for $150. d. a debit in Accounts Receivable for $150.
When shopping for a car you notice a significant price gap between domestic and imported cars, with the imported cars being much more expensive. This could be the result of
A. overseas consolidation. B. franchising. C. a tariff. D. globalization. E. a boycott.
Michelle posts a picture of her engagement ring on Facebook this past weekend and her brother, best friend, intramural volleyball teammates and many more post comments and like the picture to congratulate her. In social network terms, this exchange of pictures and comments on Facebook represents which of the following?
a. An interaction. b. A flow. c. Nodes. d. Ties. e. A meetup.
In factoring, a finance company makes a loan and
A) purchases the firm's accounts receivables at a premium. B) purchases the firm's accounts payables at a premium. C) purchases the firm's accounts receivables at a discount. D) purchases the firm's accounts payables at a discount.