Jasper makes a $25,000, 90-day, 7% cash loan to Clayborn Co. Jasper's entry to record the transaction should be:
A. Debit Notes Payable $25,000; credit Accounts Payable $25,000.
B. Debit Cash $25,000; credit Notes Receivable for $25,000.
C. Debit Accounts Receivable $25,000; credit Notes Receivable $25,000.
D. Debit Notes Receivable $25,000; credit Sales $25,000.
E. Debit Notes Receivable for $25,000; credit Cash $25,000.
Answer: E
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At year-end, a trial balance showed total credits exceeding total debits by $4,950. This difference could have been caused by:
A. An error in the general journal where a $4,950 increase in Accounts Payable was recorded as a decrease in Accounts Payable. B. The balance of $5,500 in the Office Equipment account being entered on the trial balance as a debit of $550. C. An error in the general journal where a $4,950 increase in Accounts Receivable was recorded as an increase in Cash. D. A net income of $4,950. E. The balance of $49,500 in Accounts Payable being entered in the trial balance as $4,950.
The span of control refers to the number of subordinates reporting to one manager. A firm with a large span of control utilizes a _____ organization
a. tall b. flat c. decentralized d. functional
Common Stock Dividend Distributable is an equity account.
Answer the following statement true (T) or false (F)
An IRA contribution may defer taxes on current income
Indicate whether the statement is true or false