A ________ is a potential obligation that depends on a future event arising from a past transaction or event.
What will be an ideal response?
contingent liability
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Mullis Company sold merchandise on account to a customer for $625, terms n/30. The journal entry to record the collection on account would be:
A. Debit Cash of $625 and credit Sales $625. B. Debit Cash of $625 and credit Accounts Receivable $625. C. Debit Accounts Receivable $625 and credit Sales $625. D. Debit Sales $625 and credit Accounts Receivable $625. E. Debit Accounts Receivable $625 and credit Cash $625.
The audience might misinterpret a word used by the sender because of the audience's personal reaction to the sender's connotations
Indicate whether the statement is true or false
What is supply-chain management? List the activities involved in it.
What will be an ideal response?
Lenore, Inc. gathered the following information from its accounting records and the October bank statement to prepare the October bank reconciliation: Ending cash balance per books, 10/31$7,000 Deposits in transit 300 Interest received from bank 1,700 Bank service charge for check printing 60 Outstanding checks 4,000 NSF check of T. Owens 350 The up-to-date ending cash balance on October 31 is:
A. $7,940 B. $4,590 C. $8,290 D. $5,290