A business's record of the increases and decreases in a specific asset, liability, equity, revenue, or expense is known as a(n):
A. Trial balance.
B. Journal.
C. Account.
D. Posting.
E. Chart of accounts.
Answer: C
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Perez Manufacturing purchased raw materials worth $8000 on account. The journal entry to record the purchase of raw materials on account is ________. Process costing is used.
A) debit Cash, $8000; credit Raw Materials Inventory, $8000 B) debit Accounts Payable, $8000; credit Raw Materials Inventory, $8000 C) debit Raw Materials Inventory, $8000; credit Accounts Payable, $8000 D) debit Raw Materials Inventory, $8000; credit Cash, $8000
On November 1 of the current year, Salinger Company paid $9,600 cash for a one-year insurance policy that took effect on that day. On the date of the payment, Salinger recorded the following entry: Nov. 01 Insurance Expense..……………………….. 9,600Cash………………….……………...9,600Assuming Salinger only prepares adjustments at year-end, prepare the required adjusting entry at December 31 of the current year.
What will be an ideal response?
The entrepreneur is required to withhold federal and state taxes for employees and then deposit payments monthly or quarterly.
Answer the following statement true (T) or false (F)
When Renault Motor Co. builds a new production facility in Venezuela and Renault is the sole owner of the facility, it is an example of a(n) ________ investment approach.
A. joint venture B. direct C. indirect D. licensing E. management contracting