Adjusting entries either credit a revenue account or debit an expense account
Indicate whether the statement is true or false
TRUE
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Sophia is renting a home from Roberto. There is no written lease, and the agreement is that Sophia will pay rent on the first of every month. Either party may terminate the agreement with 30 days' notice. Sophia has a
A. tenancy for years. B. life estate. C. periodic tenancy. D. easement by grant.
Bangs Dragon Coffeshop purchased equipment of $12,000 on July 1, 20--. The equipment has a useful life of 4 years and a trade-in value of $2,400 . The adjusting entry for depreciation would involve a
a. credit to Accumulated Depreciation, Equipment of $2,400 . b. debit to Depreciation Expense, Equipment of $2,400 . c. credit to Equipment of $1,200 . d. debit to Depreciation Expense, Equipment of $1,200 .
In final-offer arbitration,
A. disenchantment with the adequacy and fairness of the process develops. B. a new contract is submitted to arbitration. C. the arbitrator must choose either one party's position or the other's-nothing in between, no splitting the difference. D. decisions are made about the interpretation of existing contracts.
Daniel is writing a letter to the editor of the local newspaper. He is encouraging citizens to join him in expressing his like of city funds supporting a local nonprofit organization. Daniel is ______.
A. lobbying B. controlling C. advocating D. advertising