Accompanying the bank statement was a debit memo for bank service charges. What entry is required in the company's accounts?
A) debit Miscellaneous Administrative Expense; credit Cash
B) debit Cash; credit Other Income
C) debit Cash; credit Accounts Payable
D) debit Accounts Payable; credit Cash
A
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A set of businesses or groups of individual consumers with distinct characteristics is a:
A) differentiated group B) production department C) market segment D) manufacturing system
Quality Heating Company has the following liabilities at year end: Notes Payable $20,000 Accounts Payable 15,000 Unearned Contract Revenue 9,000 Wages Payable 2,900 Interest Payable 700 Income Taxes Payable 1,500
a. Which of these accounts probably was created at the end of the fiscal year as a result of an accrual? Which probably was adjusted at year end? Explain your answer. b. Which adjustments probably reduced net income? Which probably increased net income? Explain your answers.
Common performance measures used by retailers are sales revenues, gross margin percentages, markdown percentages, and financial ratios
Indicate whether the statement is true or false
If there is no indorsee designated on an indorsement bearing only the indorser's signature, it is a(n):
A) qualified indorsement. B) conditional indorsement. C) blank indorsement. D) allonge.