A misdemeanor is a crime punishable by a fine or a jail sentence of one year or less
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following transactions is most likely not to result in an adjusting entry at the end of the period?
a. Performance of a service for which payment was received in advance b. Payment of this month's rent c. Purchase of office equipment d. Purchase of a two-year insurance policy
Young Music Lovers and Fashionable Fifty-Somethings are examples of possible ________
A) target markets B) geographic groups C) demographic segments D) social classes E) market trends
Prepaid assets are valued on the balance sheet at
a. cost paid to acquire the asset. b. acquisition cost less accumulated depreciation. c. cost less expired portion. d. replacement cost. e. present value of future cash flows.
Abbott Company purchased $6,500 of merchandise inventory on account. Abbott uses the perpetual inventory system. Which of the following entries would be required to record this transaction?
A.
| Inventory | 6,500 | |
| Accounts Payable | 6,500 |
B.
| Accounts Payable | 6,500 | |
| Inventory | 6,500 |
C.
| Cost of Goods Sold | 6,500 | |
| Accounts Payable | 6,500 |
D.
| Accounts Payable | 6,500 | |
| Purchases | 6,500 |