Dom's Motor Mart sold merchandise to a customer for $3,000 on credit on March 10 . The customer paid Fox Auto the amount due on March 31 . Under the accrual basis of accounting, which of the following statements is true?
a. Fox Auto will recognize the revenue on March 31.
b. The March 10th transaction increases revenue, but has no effect on assets because cash has not been received.
c. Revenue is recognized after the cost of the merchandise sold has been paid by Fox Auto.
d. The March 31st transaction has no effect on total assets under the accrual basis.
d
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Hardwood Flooring Company buys a building for $115,000, paying $30,000 cash and signing a 30-year mortgage note for $85,000 at 11% annual interest. The payments will be made in equal monthly installments of $809.
. Prepare the journal entry for the first monthly payment. (Round your answers to the nearest whole dollar number.) Omit explanation.
________ rely on gatekeepers for fair and effective functioning of economic markets.
A. Bankers B. District attorneys C. Politicians D. Financial analysts
Under the dimensions of observation, what is meant by Time?
a. the things people are trying to accomplish b. the sequencing that takes place over time c. single actions that people do d. a set of related activities that people carry out
Describe how a trusted friend or colleague who observes your behavior can help you make the changes you want to make.
What will be an ideal response?