Refined Grains, Inc., is a Kanas-based firm that does business throughout the world. Refined Grains manages retail and wholesale operations, buys and sells commercial venues, undeveloped land, and agricultural products, and other goods. Refined Grains has had to deal with employee and customer theft. With respect to these circumstances, the UCC provides a framework for:
A) commercial transactions for the sale and payment for goods
B) international distribution agreements
C) domestic and foreign transactions in real estate
D) prosecuting crimes against business interests
A) commercial transactions for the sale and payment for goods
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Blenham, Inc sells merchandise on credit. If a customer pays its balance due within the discount period, what is the effect of the payment on Blenham's accounting equation?
a. Assets and stockholders' equity decrease. b. Assets and stockholders' equity increase. c. Assets decrease and liabilities increase. d. Stockholders' equity decreases and liabilities increase.
The symptoms of drug abuse are more noticeable than are the symptoms of alcoholism
Indicate whether the statement is true or false.
Which of the following is the most appropriate opening for an adjustment message granting a claim?
A) We are very sorry to hear that your meal with us did not meet your expectations. B) Thank you for your letter of November 16 describing your bad dining experience with us last weekend. C) Although we believe that the food we served last weekend was of the highest quality, we are willing to refund the cost of your dinner this time only. D) The enclosed check for $78, which covers the cost of your dinner, demonstrates our desire to satisfy our customers and earn their confidence.
On January 1, a company purchased a five-year insurance policy for $2200 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end, the adjusting entry at the end of the first year is:
A. Debit Insurance Expense, $440; credit Prepaid Insurance, $1760. B. Debit Prepaid Insurance, $2200; credit Cash, $2200. C. Debit Insurance Expense, $440; credit Prepaid Insurance, $440. D. Debit Prepaid Insurance, $440; credit Insurance Expense, $440. E. Debit Prepaid Insurance, $1760; credit Insurance Expense, $1760.