Financial statements are prepared from the balances in a(n) ________
A) general journal
B) chart of accounts
C) unadjusted trial balance
D) adjusted trial balance
D
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Services are provided for customers who pay for the services immediately. For this transaction, identify the effect on the accounting equation
a. Assets increase and liabilities increase. b. Assets increase and stockholders' equity increases. c. Liabilities increase and stockholders' equity decreases. d. Liabilities decrease and assets decrease.
The project development perspective suggests that early on the team works on:
a. Making sure members know what their roles are b. Increasing variety and flexibility of team skills c. Developing skills of team members d. Establishing rules and social relationships
Constructive notice is not valid against strangers who assert claims of apparent agency
Indicate whether the statement is true or false
Shaylee, Inc. borrowed $62,000 from a bank, depositing those funds in its bank account and signing a formal agreement to repay the loan in two years. What is the correct journal entry for this transaction?
A. Debit cash and credit notes payable for $62,000 B. Debit notes payable and credit cash for $62,000 C. Credit notes payable and credit cash for $62,000 D. Debit notes payable and debit cash for $62,000