The journal entry for recording an operating lease payment would
A) be a memo entry only
B) debit the fixed asset and credit Cash
C) debit an expense and credit Cash
D) debit a liability and credit Cash
C
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If the Advertising Self-Regulatory Council rules that a firm's advertisements are not substantiated, then it orders the firm to discontinue the ads. This is very similar to the cease and desist order of the Federal Trade Commission
Indicate whether the statement is true or false
Operating system controls are of interest to system professionals but should not concern accountants and auditors
Indicate whether the statement is true or false
International trade includes exports, imports, and foreign direct investment.
Answer the following statement true (T) or false (F)
Receipts from cash sales of $7,500 were recorded incorrectly in the cash receipts journal as $5,700. What entry is required in the company's accounts?
A) debit Sales; credit Cash B) debit Cash; credit Accounts Receivable C) debit Cash; credit Sales D) debit Accounts Receivable; credit Cash