Lone Tree Office Supplies issued Ck. No. 7065 for $5,390 to Buffalo Paper, Inc, in payment of invoice no. 177, less cash discount of $110 . Lone Tree Office Supplies would record a
a. credit to cash, $5,500 .
b. debit to Accounts Payable, $5,390.
c. credit to Purchases Discounts, $110.
d. debit to Purchases Discounts, $110.
c
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An adjusted trial balance proves the balance of the ledger accounts after the adjusting entries have been posted
Indicate whether the statement is true or false
Which of the following is NOT one of the steps in the research phase of a job search?
a. Gather relevant information for decision-making. b. Prepare a company/job profile. c. Send application letters to prospective employers. d. Identify key qualifications that enhance your marketability.
Genovese Contracting, Inc, agrees to build a warehouse for Hawthorne Wholesale Distributors. When Genovese runs into the types of difficulties that contractors ordinarily confront, Hawthorne agrees to pay extra compensation to overcome them. Regarding the agreement to pay more, a court would likely
a. enforce it. b. rescind it. c. order the parties to renegotiate it. d. not enforce it.
Which of the following acts is within the ordinary course of the partnership business?
a. Execution of contracts of guaranty or suretyship in the firm name b. Payment of an individual partner's debts out of partnership assets c. Sale of partnership property not held for sale in the usual course of business d. Assignment of partnership property for the benefit of its creditors