A company borrows $20,000 with 8% interest on October 1, 2021. This amount plus interest is due on September 30, 2022. Record the adjusting entry on December 31, 2021.
What will be an ideal response?
| Interest Expense | 400 | ? |
| Interest Payable | ? | 400 |
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Answer the following statements true (T) or false (F)
1. Beginning in the 1980s, federal spending for many social programs was sharply reduced by President Gerald R. Ford. 2. Some people believe that commercialization of the nonprofit sector may result in profit being placed ahead of the mission. 3. Most museums are classified as 501(c)(3) by the Internal Revenue Service. 4. Religious organizations are not considered charitable nonprofits by the Internal Revenue Service.
Which of the following statements does not apply to convenience goods?
A. Consumers are brand loyal to convenience products and are not likely to substitute other brands. B. Convenience products require minimal shopping effort. C. Marketing of convenience products requires intensive exposure of these goods in as many stores as possible. D. Consumers tend to feel that the most desirable retail facility for convenience products is the closest one. E. Colas, gasoline, and bread are good examples of convenience goods.
Sears' Kenmore brand of appliances sold in all Sears stores illustrates which two kinds of brands?
A. local and national brands B. dealer and family brands C. licensed and dealer brands D. manufacturer and family brands E. generic and family brands
Individual retirement arrangements (IRAs) are personal savings accounts that give you tax advantages for saving for retirement
Indicate whether this statement is true or false.