The information needed in journalizing the closing entries is obtained from the
a. accounts receivable ledger.
b. adjusting journal entries.
c. work sheet.
d. balance sheet.
c
You might also like to view...
Describe the main objectives of reminder advertising
What will be an ideal response?
. ______ involves judgments about the rightness or wrongness of human behavior.
Fill in the blank(s) with the appropriate word(s).
Indicate how each event affects the elements of the financial statements. Use the following letters to record your answer in the box shown below each element. You do not need to enter amounts. Increase = IDecrease = DNo Effect = NA(Note that "No Effect" means that the event either does not affect the element of the financial statements or that the event causes an increase in that element and is offset by a decrease in that same element.) Gilliam Co. repaid a note payable on September 30, Year 1. The 8-month note had been issued on February 1, Year 1. The $20,800 cash payment included a $20,000 repayment of principal and a $800 payment for interest that had not been previously accrued.AssetsLiabilitiesStk. EquityRevenuesExpensesNetStmt. of ?IncomeCash Flows???????
What will be an ideal response?
A buyer is insolvent under the UCC when he or she
a. will not pay debts as they become due. b. cannot pay debts when they become due. c. wrongfully repudiates a contract. d. cannot exercise the right of replevin.