A journal entry is a notation that records a single transaction in the chronological accounting record known as the book of original entry
Indicate whether the statement is true or false
True
You might also like to view...
While reconciling the checking account, an accountant with Sonic Corporation noticed that an error had been made in recording a check received by the company. Sonic recorded the receipt as $729 and the correct amount of the check was $279 . What reconciling adjustment is required?
a. Add $450 to the company's book balance b. Deduct $450 from the company's book balance c. Add $450 to the bank statement balance d. Deduct $450 from the bank statement balance
Trust Engineering Company is considering the purchase of a new machine to replace an existing one. The old machine was purchased 5 years ago at a cost of $20,000, and it is being depreciated on a straight line basis to a zero salvage value over a 10-year life. The current market value of the old machine is $14,000. The new machine, which costs $30,000, falls into the MACRS 5-year class and has an estimated life of 5 years. The change in depreciation expense that results from accepting the project and will be considered in the capital budgeting analysis is _____. The MACRS rates for 5-year class are Year 1-20%, Year 2-32%, Year 3-19%, Year4-12%, Year 5-11%, Year 6-6%.
A. $10,500 B. $23,400 C. $44,000 D. $20,000 E. $17,000
When there is a breach of an underlying contract for which an instrument was issued, the maker of a note can refuse to pay it.
Answer the following statement true (T) or false (F)
Bridge loans provide short-term funding until longer-term or additional financing is found
Indicate whether this statement is true or false.