In order to expand its business, the management of Areos, Inc. issued a long-term notes payable for $50,000. The note will be paid over a 10-year period with equal annual principal payments, beginning in one year. The annual interest rate is 12%.
Prepare the journal entry for the issuance of the note. Omit explanation.
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In a trial balance, all debits are listed before all credits
Indicate whether the statement is true or false
A company with a high inventory turnover requires a smaller investment in inventory than one producing the same sales with a lower turnover.
Answer the following statement true (T) or false (F)
If a product is sold "as is"
A) it is covered by neither express nor implied warranties. B) it is not covered by an express warranty, but is covered by an implied warranty. C) it is not covered by an implied warranty, but can still be covered by an express warranty. D) it can still be covered by both express and implied warranties.
A(n) _____ is a characteristic that can be easily assessed prior to purchase, such as the softness of a mattress or the color of curtains.
A. search quality B. intangible attribute C. experience quality D. credence quality E. heterogeneity feature