Megan agrees to sell Nancy her Rolex watch, but she does not specify a price. In such a case, the court would not enforce the agreement because all of the essential terms are not present.
Answer the following statement true (T) or false (F)
False
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Recording B/AR/CR event data is generally the responsibility of the accounts receivable department, which for good internal control typically reports to the ______________________________ function
Fill in the blank(s) with correct word
Factory supplies used during the year is adjusted by
a. debiting Factory Supplies and crediting Factory Supplies Expense. b. debiting Factory Supplies Expense and crediting Factory Supplies. c. debiting Office Supplies Expense and crediting Factory Supplies Payable. d. debiting Factory Overhead and crediting Factory Supplies.
A(n) ________ developed by a retailer is comparable with national brands on quality rather than price.
A. umbrella brand B. subbrand C. exclusive brand D. copycat brand E. premium brand
West Company declared a $0.50 per share cash dividend. The company has 190,000 shares issued, and 10,000 shares in treasury stock. The journal entry to record the payment of the dividend is:
A. Debit Retained Earnings $95,000; credit Common Dividends Payable $95,000. B. Debit Retained Earnings $90,000; credit Common Dividends Payable $90,000. C. Debit Common Dividends Payable $95,000; credit Cash $95,000. D. Debit Retained Earnings $5,000; credit Common Dividends Payable $5,000. E. Debit Common Dividends Payable $90,000; credit Cash $90,000.